01.07.202011:42 Trading plan for EUR/USD on July 1, 2020. A second wave of the coronavirus. The US market has observed a new wave of growth. The euro is awaiting latest news in the United States.

Exchange Rates 01.07.2020 analysis

Recent data indicates that the United States has observed another jump in daily incidence to 46 thousand. This suggests that a new outbreak may have started, in which most of the new infections were from Texas and Florida. Mortality has also increased from below 400 to more than 700 per day. Such escalation puts forward the idea that a new hard quarantine is needed. However, such a decision will hit the economy significantly.

Brazil also observes the same difficult situation, in which new cases have risen to 38 thousand per day.

In India, the daily infection rate is 18 thousand.

There is no doubt that today, July 1, there is a new wave of growth in the coronavirus pandemic.

Exchange Rates 01.07.2020 analysis

US Market: the S&P 500 daily chart has observed a new wave of growth. An increase to quarterly highs is expected, after which a strong fall from there will occur.

Prepare sell positions from the previous highs.

Today, important data on the US economy will come out, in which the report of ADP on employment in June will be published at 13:15 (UTC + 1) while the ISM industrial index will be published at 15:00 (UTC + 1 )

Exchange Rates 01.07.2020 analysis

EUR/USD: the euro is trading in a narrow range. The upcoming data on the US economy will most likely affect its next movements.

As we can see, the euro formed daily levels at a distance of only 100 points between the upper and lower limits of the range.

Open buy positions from 1.1290.

Sell from 1.1189.

Place the stops at about 45 pips, and profit at least 100 pips.

*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
InstaForex Group © 2007-2020
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.