EUR/USD analysis for November 04 2020 – Potential completion of the ABC upside correction and space for the downside rotation

Trading 04 Nov 2020 Donner votre avis

Prior +1.7%

  • Market index 838.2 vs 807.8 prior
  • Purchase index 301.2 vs 305.2 prior
  • Refinancing index 3,949.8 vs 3,711.6 prior
  • 30-year mortgage rate 3.01% vs 3.00% prior

The bulk of the surge last week was due to a jump in refinancing activity as purchases slowed down once again. Overall, this still points to the housing market holding up for the most part with rates being near all-time lows.

Further Development


Analyzing the current trading chart of EUR/USD, I found that the buyers are in control today but the overall we got the flat condition and outside range day.

1-Day relative strength performance Finviz


Based on the graph above I found that on the top of the list we got Lumber and Nasdaq 100 today and on the bottom VIX and Natural Gas

Key Levels:

Resistance: 1,1770

Support levels: 1,1630 and 1,1600

The material has been provided by InstaForex Company -


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