07.07.202011:02 Forex Analyse & Reviews: Trading plan for EUR/USD on July 7, 2020. Latest news on the coronavirus. The euro is in the hands of the bears.

Exchange Rates 07.07.2020 analysis

The second wave of the coronavirus is in full swing. Fortunately, the lethality of the virus has decreased significantly, which is especially noticeable on the recent data in the United States.

According to the latest statistics, the number of daily incidence in the US has risen to more than 50 thousand. However, the number of deaths has declined to less than 400 per day, which is actually good since the record in April to May were up to 2.5 thousand per day at a number cases not higher than 30 thousand. Such a situation is quite encouraging.

In Brazil, the situation is beginning to stabilize at such high levels, while in India, the situation remains dangerous.

Exchange Rates 07.07.2020 analysis

EUR / USD: The euro is in the hands of the bears.

Yesterday, a very strong data on the US economy was published, in which the ISM service index came out at 57 points, up from the forecast of 50 points.

Such data was used by the bears to lower the euro, so a strong correction has occurred in the EUR / USD pair.

The question now is whether the bears will succeed in shorting the euro to a value of 1.1240 or lower, if so, the attempt to grow will again be broken.

Hence, keep buying positions from 1.1245, and stop at 1.1240. Monitor the situation in the trading charts.

You can also buy at a pullback, with a stop below 1.1240.

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

Jozef Kovach,
Analytical expert of InstaForex
© 2007-2021
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