empty
 
 
07.07.2020 11:02 AM
Trading plan for EUR/USD on July 7, 2020. Latest news on the coronavirus. The euro is in the hands of the bears.

This image is no longer relevant

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.

This image is no longer relevant

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.

Jozef Kovach,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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