Fundamental Market Analysis for November 20, 2025 EURUSDEuro/US DollarSAXO:EURUSDFresh-Forexcast2004The euro/U.S. dollar trades just above 1.15000, remaining under pressure after the publication of the Federal Reserve minutes: the probability of a rate cut in December has decreased, supporting the dollar and widening the yield differential. Caution persists amid slowing global demand and weak risk appetite, which further fuels demand for dollar assets. On the European side, price indicators are stabilizing below this year’s peaks while growth remains subdued. This keeps the ECB from accelerating the pace of easing and does not provide support for the euro: weak domestic dynamics reduce capital inflows into the euro area and leave the pair sensitive to changes in the interest-rate differential in favor of the U.S. In the coming days, the focus is on U.S. data and regulators’ comments on inflation and the labor market. If expectations of a longer period of high rates in the U.S. persist, the dollar will receive additional support and EURUSD faces the risk of renewing recent lows. Trading recommendation: SELL 1.15250, SL 1.15450, TP 1.14550