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

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