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EUR/USD Down on Economic Recession Fear in Eurozone

M. Ali 11 November, 2020 9:08 pm Forex Market, Market Update

The Euro (EUR) is declining against the US Dollar (USD) on Wednesday with the later rising and the European currencies being weighed down by fears over the new wave of the Coronavirus pandemic.

Lockdowns in many European countries, and fears of a prolonged economic recession are both pushing the European single currency down, while the USD is rising across the board.

The EUR/USD pair is trading lower for the day by 0.42% at 1.1766.

The pair has so far been moving in a range between 1.1746 and 1.1833, after closing Tuesday at 1.1815.

Support Levels: 1.1773 – 1.1752 – 1.1725

Resistance Levels: 1.1821 – 1.1848 – 1.1869

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