FX.co ★ EUR/USD analysis for November 16 2020 - Breakout of the rising channel and potential for another downside leg towards 1.1750

It is getting terribly late and may be too late already for a Brexit deal, says EU official

Let's see if we have a deal this week and if we have a deal at all

This just adds to the current rhetoric that time is wasting away as we count down to yet another Brexit "deadline" at the end of this week, with some rough idea that it is more likely to be some time at the end of November instead.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is breakout oof the well defined upside channel, which is sign that buyers got exhausted and that sellers are taking control.

My advice is to watch for selling opportunities on the rallies with the downside targets at 1,1750 and 1,1715.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Sugar and Crude Oil today and on the bottom Natural gas and Lean Hogs.

Key Levels:

Resistance: $1,1870

Support levels: 1,1750 and 1,1715