23 March 2020, EUR/USD
EURUSD trading plan:
Good and bad news for the European currency. The novel coronavirus outbreak in Spain, already among the harshest in the world, will continue to expand, with more cases and deaths over the next few days, Prime Minister Pedro Sanchez said. “Confirmed cases and deaths will increase in the next days. We have to remain strong until the end of next week,” Sanchez said. This is a negative signal for the Euro. The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to further enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. To improve the swap lines' effectiveness in providing U.S. dollar funding, these central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. This is positive news for the European currency.
Trading recommendation: range 1.0615 -1.0715
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