EUR/USD Daily Forecast – Resistance At 1.1830 Stays Strong

EUR/USD Video 11.11.20.

Euro Tries To Move Higher Against U.S. Dollar

EUR/USD continues to test the nearest resistance level at 1.1830 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index has recently failed to settle above the 93 level and pulled back closer to 92.75. The nearest material support level for the U.S. Dollar Index is located at 92.50. If the U.S. Dollar Index settles below this level, it will gain downside momentum and head towards the next support near the recent lows at 92.10. This scenario will be bullish for EUR/USD.

Yesterday, British pound showed strength on signs that chances for an orderly Brexit increased, but the euro was not able to gain ground against the U.S. dollar. Most likely, the challenging situation with coronavirus in Europe continues to put some pressure on the European currency.

There are no important economic reports scheduled to be released in the U.S. and EU today so traders will likely focus on the general trading dynamics of the American currency. The U.S. Dollar Index will have a chance to continue its rebound from recent lows in case it gets above the 93 level, but it remains to be seen whether is has sufficient support from traders.

Technical Analysis

EUR/USD is currently trying to settle above the nearest resistance level at 1.1830. If EUR/USD manages to get above this level, it will head towards the next resistance at 1.1880.

A move above 1.1880 will push EUR/USD towards the major resistance level at 1.1910. Most likely, EUR/USD will need significant upside catalysts to get above this level. In case EUR/USD settles above 1.1910, it will move towards the resistance at 1.1965.

On the support side, the nearest support level has emerged at 1.1800. A move below this level will open the way to the test of the next support at the recent lows at 1.1780. If EUR/USD gets below the support at 1.1780, it will gain additional downside momentum and head towards the major support level at 1.1750.

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