DAILY NOTION - FXEMPIRE - EUR/USD Forecast - Nov 12, 2020

EUR/USD attempts to settle below the major support level at 1.1750.

EUR/USD has managed to settle below the support at 1.1780 and is trying to get to another test of the major support level at 1.1750 while the U.S. dollar continues to gain ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle above the nearest resistance level at the 20 EMA at 93.15. A move above this level will open the way to the test of the next resistance at the 50 EMA at 93.40 which will be bearish for EUR/USD.

What's next?

EUR/USD has managed to get below the 20 EMA at 1.1780 and is trying to settle below the major support level at 1.1750. The 50 EMA is located at 1.1765 so EUR/USD will continue to get strong support in the 1.1750 – 1.1780 area.

If EUR/USD settles below the support at 1.1750, it will gain downside momentum and head towards the next support level at 1.1720. A move below this level will push EUR/USD towards another significant support level at 1.1695.

On the upside, the previous support at the 20 EMA at 1.1780 will likely serve as the first resistance level for EUR/USD. A move above this level will push EUR/USD to the test of the next resistance at 1.1800.

In case EUR/USD gets above 1.1800, it will head towards the material resistance level at 1.1830.

Original analysis: https://www.fxempire.com/forec...