EUR/USD analysis for November 06 2020 – Bearish divergence on the stochastic oscillator and potential for the downside rotation

Trading 06 Nov 2020 Donner votre avis
Irish prime minister Martin says still sees potential for Brexit deal

This has become the usual filler in between negotiations

After another round of Brexit negotiations last week, nothing has changed but at least both sides are continuing to talk although key outstanding issues remain unresolved.

It seems like both the EU and UK are willing to let this run for a while longer, but that will run it close to the end of the transition period on 31 December.

Not to mention the fact that any agreement struck also still needs to be approved and ratified in parliament, before taking effect.

Further Development

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Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted today and the downside rotation would be probably to correct strong upside movement from recent few days.

Stochastic is showing bearish divergence on the 4H time-frame, which is another sign of weakness.

Watch for selling opportunities with the downside targets at 1,1795 and 1,1773

Resistance is set at 1,1880

1-Day relative strength performance Finviz

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Based on the graph above I found that on the top of the list we got Coffee and Silver today and on the bottom Ethanol and Crude Oil.

Key Levels:

Resistance: 1,1880

Support levels: 1,1795 and 1,1770

The material has been provided by InstaForex Company - www.instaforex.com

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