Eurozone October final core CPI +0.2% vs +0.2% y/y prelim

Latest data released by Eurostat – 18 November 2020

CPI -0.3% vs -0.3% y/y prelim

No change to the initial estimates as Eurozone inflation continues to remain more subdued. This just reaffirms the need for the ECB to take more decisive measures next month.

Further Development

analytics5fb50b1484a81.jpg

Analyzing the current trading chart of EUR/USD, I found that there is rejection of the important pivot level at 1,1890, which is good sign for further downside movement.

My advice is to watch for selling opportunities with the targets at 1,1850 and 1,1820

Additionally, there is the bearish divergence on the Stochastic oscillator, which is another confirmation for the further downside….

1-Day relative strength performance Finviz

analytics5fb50b20a1d7d.jpg

Based on the graph above I found that on the top of the list we got Oats and VIX today and on the bottom Silver and Platinum.

In my opinion both Gold and Silver might be extended today and ready for to downside rotation.

Key Levels:

Resistance: 1,1890

Support levels: 1,1850 and 1,1820

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

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.