FX.co ★ EUR/USD analysis for November 04 2020 - Potential completion of the ABC upside correction and space for the downside rotation towards 1.1630

Prior +1.7%

• Market index 838.2 vs 807.8 prior
• Purchase index 301.2 vs 305.2 prior
• Refinancing index 3,949.8 vs 3,711.6 prior
• 30-year mortgage rate 3.01% vs 3.00% prior

The bulk of the surge last week was due to a jump in refinancing activity as purchases slowed down once again. Overall, this still points to the housing market holding up for the most part with rates being near all-time lows.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers are in control today but the overall we got the flat condition and outside range day.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Lumber and Nasdaq 100 today and on the bottom VIX and Natural Gas

Key Levels:

Resistance: 1,1770

Support levels: 1,1630 and 1,1600