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Italy locks down

Italy locks down | 10 March 2020

10 March 2020, EUR/USD

Italy locks down

EURUSD trading plan:

We are expecting a downtrend to develop. Investors are expected a 10 basis-point cut to the deposit rate European Central Bank and an increase in monthly bond purchases of between 10 and 20 billion Euros. Italy put around a quarter of its population under an ill-defined quarantine, all-but guaranteeing a sizable hit to the eurozone economy in the first quarter. The regions affected include Lombardy, Veneto and Emilia Romagna, three of the country’s most important and economically productive. This is a negative signal for the European currency!

Trading recommendation: Sell 1.1359 and take profit 1.1325.

David Johnson
Analyst of «FreshForex» company
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