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New lockdown

New lockdown | 29 October 2020

29 October 2020, EUR/USD

New lockdown

EURUSD trading plan:

Germany and France were preparing to announce restrictions approaching the level of last spring's blanket lockdowns as COVID deaths across Europe rose almost 40% in a week, while financial markets tumbled on fears of the likely economic costs. The measures, following similar moves in Italy and Spain, are expected to leave schools and most businesses working and would be less severe than the near-total lockdowns imposed at the start of the crisis in March and April. The ECB balance sheet of the increased by 38.3 billion euros, against 17.8 billion euros a week earlier. The growth rate has doubled. This is a negative signal for the European currency.

Trading recommendation: Sell 1.1762 and take profit 1.1725.

David Johnson
Analyst of «FreshForex» company
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