24.11.202014:36 Forex Analysis & Reviews: EUR/USD analysis for November 24 2020 - Potential for another strong donside wave towards 1.1800

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Germany November Ifo business climate index 90.7 vs 90.2 expected

Prior 92.7; revised to 92.5

Expectations 91.5 vs 93.5 expected
Prior 95.0; revised to 94.7
Current assessment 90.0 vs 87.5 expected
Prior 90.3; revised to 90.4

Slight delay in the release by the source. The headline may be slightly better than estimates but business morale still reflects a drop with the expectations component also highlighting a more pessimistic outlook towards the economy as we head towards the year-end.

This just about sums up economic sentiment in the euro area at the moment, though Germany is still arguably faring better than others considering that its manufacturing sector is seen holding up despite tighter restrictions being introduced.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted on the upside correction and that another downside swing is possible to happen.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lean Hogs and Feeder Cattle today and on the bottom Soybean Oil and VIX.

Key Levels:

Resistance: 1,1900

Support level: 1,1800

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