Trading plan for EUR/USD on March 19, 2020

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EUR/USD: Despite Europe's situation with the coronavirus, the euro held a fairly steady position against the dollar. Although it lost its stability on Wednesday and fell from 1.1050 to 1.0800, it bounced back to 1.0930, as the ECB announced its decision to buy bonds for € 750 billion.

The ECB may have reversed the brewing downward trend.

What happens though, if the currency is left to itself during a crisis?:

GBP/USD:

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Another victim of the crisis and the effects of the coronavirus outbreak is oil. It fell to $20 on Wednesday, and rebounded to $23 on the morning of Thursday.

The US market is trying to find a bottom, at about 30%, below the highs of January.

Update on the coronavirus:

As of the morning of March 19, the total number of cases since the beginning of the epidemic is already 220,000.

84,000 have recovered, but it is mainly in China. If you do not take into account the said country's record, the growth of cases is actually more than 10% per day.

The current main center of the epidemic is Western Europe: Italy with 35,700 patients (+10% per day), and Spain with 14,800.

Germany - 12,300 patients

France - 9,100 patients

Britain - 2,600 patients

Other countries:

Iran - 17,300 patients

United States - 9,000 cases (increases more than 10% per day)

Just like before, as long as the number of patients increase at a rate of more than 10% per day or more, no other news will cover the negative impact of the pandemic.

EUR/USD: Keep selling from 1.1055. Stop at breakeven.

The material has been provided by InstaForex Company - www.instaforex.com