12.11.202017:00 Forex Analysis & Reviews: EUR/USD analysis for November 12 2020 - Potential for further downside continuation due to completion of the bear flag pattern

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US initial jobless claims 709K vs. 731K estimate

Initial jobless claims and continuing claims

Initial jobless claims 709K vs. 731 estimate. Prior week revised to 757K vs 751K
Initial jobless claims 4 week moving average 755.25K vs 788.5K last week
Continuing claims 6786K vs 6825 K estimate. Prior week revised to 7222K vs. 7285K previously reported
Continuing claims 4 week moving average 7575.75K vs 8228.75K last week

People rolling off weekly benefits to extended benefits increased by 159K. Those extended benefits continue for 13 weeks. When they run out, it will start to kick in more discussion about more stimulus.

Further Development

Analyzing the current trading chart of EUR/USD, I found that there is potential for the downside movement towards the levels at 1,1745 and 1,1630.

Based on the 4H time-frame, I found bear flag pattern completion and good area for selling opportunities.

Downside targets are set at 1,1745 and 1,1630

Key resistance is set at the price of $1,890.

1-Day relative strength performance Finviz

Based on the graph above I found that on the top of the list we got Sugar and VIX today and on the bottom Ethanol and DAX.

EURis positive today on the list but with no strong momentum...

Key Levels:

Resistance: 1,1825

Support levels: 1,1745 and 1,1630

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