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Technical correction

Technical correction | 20 March 2020

20 March 2020, EUR/USD

EURUSD trading plan:

We are expecting an uptrend to develop. The dollar greenback has gained 4.5% against a basket of currencies this week so far, its best since 2008. The scramble has already prompted the U.S. Federal Reserve to allow 15 central banks around the globe to borrow dollars cheaply against their domestic currencies. These new facilities will support the provision of U.S. dollar liquidity in amounts up to $60 billion each for the Reserve Bank of Australia, the Banco Central do Brasil, the Bank of Korea, the Banco de Mexico, the Monetary Authority of Singapore, and the Sveriges Riksbank and $30 billion each for the Danmarks Nationalbank, the Norges Bank, and the Reserve Bank of New Zealand. These U.S. dollar liquidity arrangements will be in place for at least six months. This is a negative signal for the dollar.

Trading recommendation: Buy 1.0760 and take profit 1.0825.

David Johnson
Analyst of «FreshForex» company
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