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Exchange Rates 21.02.2020 analysis

The euro keeps declining.

Exchange Rates 21.02.2020 analysis

Meanwhile, the yen shows that it is ready to go along with the euro, in trending with the dollar.

Exchange Rates 21.02.2020 analysis

At the same time, gold continues a strong growth trend. It is bought as a safe haven asset, in case the dollar faces a new crisis or problems.

Update on the coronavirus: the number of new cases is approximately 800, which is more than yesterday's record. Nevertheless, the growth rate has decreased significantly, and there is a good chance that it will grow very slowly, up to 80-85 thousand, and then stop. In total, there are now 59 thousand patients (many have recovered). This dynamics is positive, despite the unfortunate deaths of 100 more people.

News for the US: the Philadelphia business activity index exceeded the forecast. It came out as +36.7, in contrast to the forecast of just +12. Similarly, the New York business activity index came out earlier with +12, against its forecast of +4. The index of leading indicators also came out with +0.8, against its forecast of +0.4. Apparently, the US economy is accelerating once again.

EUR/USD: in a downward trend.

The euro is still in a narrow range around 1.0780.

There are two scenarios that can happen: a break downwards, or a strong rebound upwards.

Keep selling from 1.0990. Stop at the breakeven.

Sell from a strong rebound to the top, from 1.0860 and above.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sam Alan,
Analytical expert
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