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30.06.202010:53 Forex Analysis & Reviews: Trading plan for EUR/USD on June 30, 2020. Second wave of the coronavirus: a surge in incidence but decline in mortality. Latest news on the US market.

Exchange Rates 30.06.2020 analysis

The United States has observed a huge increase in daily incidence of the virus to 44.7 thousand. Brazil, meanwhile, recorded a slight decrease (but still high) to 25 thousand, while India has a high figure of around 18 thousand. These massive jumps in data suggests that a second wave of the pandemic has started. The WHO has stated that the peak of the epidemic has not yet been passed, so these figures may still escalate in the near future.

But despite such terrible data, mortality has sharply dropped in figures. In the US, deaths are less than 350 per day, much lower than the record 1-1.5 months ago with the same huge number of daily incidence. Perhaps, this means that treatment methods have improved, or the virus has mutated towards lower mortality.

Exchange Rates 30.06.2020 analysis

S&P 500 - the US market bounced up from the 50-day average as expected (see chart). It will continue moving up but from such highs, sell positions are recommended. The reason for which is that the US economy will inevitably have a slower recovery in the coming weeks.

Exchange Rates 30.06.2020 analysis

EUR / USD: The euro was not able to consolidate so it fell back into the range.

Sell positions if the quotes fell to 1.1190 and lower, and buy when the quotes increase to 1.1290 and higher. Place stops at about 45 to 100 pips (4-digit).

A strong US data may come out tomorrow, July 1.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Jozef Kovach,
Experto Analítico
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