Trading plan for EUR/USD on March 5. New coronavirus wave in Europe. Euro declined due to strong dollar rally.

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Significant progress can be observed in the United States. Incidents in the country have dropped very sharply, amounting to less than 100,000 new cases a day. As a result, the US is no longer leading in terms of infection rate. Brazil now occupies first place, having recorded the highest number of daily rate against all other countries. The next spots, meanwhile, are all taken by European countries. In particular, these are France and Italy, both of which lists more than 20,000 new cases everyday.

With regards to vaccination, progress is slow, except in the US and Britain.

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EUR / USD: Euro dropped to 1.1990 because of the continued dollar rally caused by rising Treasury yields.

Open short positions from 1.1990 to 1.2035

But in case of a pullback, open long positions at 1.2115

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USD / CHF - the daily chart shows a clear upward trend, which is set-off by the very strong dollar rally.

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USD/JPY also traded upwards because of the undeniable strength of the dollar.

A report on US employment will be released later in the afternoon.

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

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