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Positive dynamics euro/dollar three-month swaps

Positive dynamics euro/dollar three-month swaps | 08 April 2020

08 April 2020, EUR/USD

Positive dynamics euro/dollar three-month swaps

EURUSD trading plan:

Good news for the European currency. The euro/dollar three-month swaps widened considerably in favor of the euro to nearly 63 basis points, the highest spread since for the last 15 years. FED has taken the creation of a standing repo facility for foreign central banks, all this unprecedented action has created a glut of dollars. This is a positive signal for the European currency! We are expecting a bullish rally in the oil market after the OPEC + summit. This factor will provide additional support for the European currency.

Trading recommendation: Buy 1.0835 and take profit 1.0901.

David Johnson
Analyst of «FreshForex» company
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