EUR/USD, Under bearish pressure targeting 61.8% fibonacci. Analysis For November 12, 2020

The EUR/USD continued its decline to 1.1744 to stabilize in the area of the 200 EMA as the downward pressure eased due to a US holiday and an empty macroeconomic calendar.

The number of new infected cases of coronavirus in the United States and Europe shows a clear upward trend. The US reported a record of more than 130,000 new infections in one day, while Italy announced new restrictive measures to curb the infection.

Today, Thursday in a few hours, Germany will publish the final version of its inflation for October, while the EU will publish the figures for industrial production for September.

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The euro in 4-hour charts is trading around the 50% Fibonacci retracement, drawn from its low of 1.1601 and its high of 1.1918, this technical outlook shows that there is strong downward pressure in the short term, supported by the indicator of Eagle.

Our recommendation is sell below 1.1750, with targets at 1.1715 and 1.1685, stop loss above 1.1803.

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The 1 hour chart is under a channel with a bearish trend, with a possible rebound from the top of the 200-day average, with targets at 2/8 of the Murray line. The data that will be published today is better than expected will be able to support the euro.

Our recommendation is buy if rebound 1.1742, with targets at 1.1810 and 1.1840, stop loss at 1.1715.

The 61.8% retracement of the 4-hour chart reaches 1.1718, providing immediate strong support.

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