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24.02.202108:33 Forex Analysis & Reviews: Trading plan for EUR/USD on February 24. Slight increase in COVID-19 incidents. Euro to trade downwards soon.

Exchange Rates 24.02.2021 analysis

A slight increase was observed in terms of overall incident. New COVID-19 cases rose by about 20%. In the US, small growth was also seen, around 20%.

Perhaps, this is just an accidental surge, but it could also be the beginning of a new wave.

Aside from that, the pace of vaccination is still slow. Only US and Britain are showing noticeable success. Even the EU is observing an extremely slow pace of vaccination.

Exchange Rates 24.02.2021 analysis

EUR/USD

The Federal Reserve promised the markets that monetary policy will remain soft for a very long time. It was enough to support the stock market, but insufficient for the euro. Meanwhile, the pound has reached new highs, although now it seems ready for a correction. As for the franc, it already started to decline.

Going back to the euro, it may start trading downwards today. Therefore, it is best to open long positions from 1.2125, with stop loss at 1.2089. As for short positions, open them from 1.2085.

The US Fed will make a speech again later in the afternoon.

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

Jozef Kovach,
Analytical expert
InstaForex Group © 2007-2021
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