EUR/USD analysis for October 27 2020 - Potential for C wave to complete and more downside movement towards 1.1775

Germany's Scholz: Extra measures to curb virus spread should be targeted, temporary Comments by German finance minister, Olaf Scholz Quick decisive steps needed to halt new wave of infections The dramatic increase in infections is very worrying Extra measures should be targeted, temporary and focused Ideally, they should be applied in such a manner nationwide

Well, we will have to wait and see what the meeting between Merkel and regional leaders on Wednesday will yield but a'lockdown light'n any form would be a blow to the German economic outlook in Q4 - even if the auto sector has been holding up.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is potential for the secoind downside leg to develop.

1-Day relative strength performance Finviz

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

Key Levels:

Resistance: 1,1835

Support levels: 1,1790 and 1,1775