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EUR/USD forecast for 16 November,  2020

Following the graph, we will see that we again have resistance at 1.18750, the last two months when the EUR/USD pair would be in that zone always bounced to the lower support around 1.16000. We are currently also above the MA50 and MA100 towards bullish scenario support.

EUR/USD, EUR/USD forecast for 16 November,  2020

This week from the European market, we have the news of the Consumer Price Index (CPI) and numerous statements by officials and President Christine Lagarde of the European Central Bank. Last week, markets rose in response to news from Pfizer and BioNTech – reporting 90% efficiency in their provisional results for the coronavirus vaccine.

World reports record new cases of COVID-19; the second wave is much worse than expected. Austria will enter a three-week blockade on 17 November to stop the rise in coronavirus infections, Chancellor Sebastian Kurz said on Saturday.

The new measures of complete locking, modeled in the spring, will start to be applied from tomorrow and will be valid until 6 December, and they aim to reduce contacts drastically.

In addition to catering and hotel facilities, shops are being closed, except for food, drugstores, pharmacies, banks, post offices, gas stations. The restriction of movement is extended to the whole day so that citizens will be able to get out of their “four walls” only if they have to buy the most important necessities, help someone else, go to work, or walk for mental and physical reasons, or a walking pet. Schools are also closing; that is, all ages are moving to learn from home.

Germany is reportedly considering plans to decide on potential December restrictions next week. Further restriction of public rallies is planned.

Masks are planned to be mandatory in all schools. The German federal government and its states are considering new restrictive measures against Covid-19 to stop the sick’s jump by “dramatically reducing the number of people who can be in one home,” and students will have to wear masks.

A document inspected by Reuters states that the population will be told to refrain from private parties until Christmas. Chancellor Angela Merkel and the prime ministers of 16 German provinces should meet today and discuss new measures.

Germany has tightened measures this month – restaurants and cafes have been closed, but schools and shops are open for now. Globally, the coronavirus is still a major factor in stopping the European economy.

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