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The negative situation for the American currency

The negative situation for the American currency | 20 July 2020

20 July 2020, EUR/USD

EURUSD trading plan:

US bankers no longer apply to the Federal Reserve for short-term refinancing. The last 9 days, REPO auctions are recognized as not held due to the lack of bids - this is the maximum period this year. It is negative for the dollar, because it signals an excess of dollar liquidity in the banking system. There is a negative situation for the American currency in the interbank lending market in London. The three-month Libor rate, which is the benchmark for the European market, updated the four-year low. We are expecting an uptrend to develop.

Trading recommendation: Buy 1.1440 and take profit 1.1495.

David Johnson
Analyst of «FreshForex» company
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