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The negative signal for the U.S. dollar

The negative signal for the U.S. dollar | 02 March 2020

02 March 2020, EUR/USD

The negative signal for the U.S. dollar

EURUSD trading plan:

The rapid pace of the outbreak shows no sign of easing, with more than 86,000 cases reported worldwide, following a jump infection in South Korea and Italy this week. While Nigeria and New Zealand also reported their first infections. The fundamentals of the U.S. economy remain strong. However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy, Federal Reserve Chairman Powell said. This is a negative signal for the U.S. dollar!

Trading recommendation: Buy 1.1070 and take profit 1.1110.

David Johnson
Analyst of «FreshForex» company
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