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Good day for the European currency

Good day for the European currency | 13 March 2020

13 March 2020, EUR/USD

Good day for the European currency

EURUSD trading plan:

We are expecting an uptrend to develop. The Open Market Trading Desk at the Federal Reserve Bank of New York has released a new monthly schedule of Treasury securities operations and has updated the current monthly schedule of repurchase agreement operations. Term repo operations in large size have been added to enhance functioning of secured U.S. dollar funding markets. The distribution of purchases across sectors will be the same distribution as the Desk uses to reinvest principal payments from the Federal Reserve’s holdings of agency debt and agency MBS in Treasury securities. Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement. This is a negative signal for the dollar.

Trading recommendation: Buy 1.1160 and take profit 1.1240.

David Johnson
Analyst of «FreshForex» company
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