FX.co ★ EUR/USD analysis for October 29 2020 - Downward target reached at 1.1715 and potential for next downward target at 1.1615

Eurozone October final consumer confidence -15.5 vs -15.5 prelim

Economic confidence 90.9 vs 89.6 expected

• Prior 91.1; revised to 90.9
• Industrial confidence -9.6 vs -10.9 expected
• Prior -11.1; revised to -11.4
• Services confidence -11.8 vs -14.0 expected
• Prior -11.1; revised to -11.2

While industrial confidence continued to improve, services confidence is seen slipping amid the resurgence in virus cases across the region. That is tempering with economic sentiment surrounding the outlook in Q4 and the announcements by Germany and France yesterday will only add to concerns in the coming months.

Further Development

Analyzing the current trading chart of EUR/USD, I found that EUR tested the my second downward target at 1,1715 but that there is still space for more downside towards 1,1690 and 1,1615.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Feeder Cattle and NASDAQ and on the bottom Ethanol and Crude Oil.

Key Levels:

Resistance: 1,1750

Support levels: 1,1690, 1,1615