12 May 2020, EUR/USD
EURUSD trading plan:
Negative macroeconomic statistics from the United States will have a positive impact on the value of the euro. We expect a decline in the consumer price index. The Covid-19 pandemic is forcing consumers to cut costs. This is a negative signal for inflation! Additional support for the euro will be provided by the bullish trend in the precious metals market. South Korea reported double-digit case numbers just days after bringing numbers down to single digits as a new outbreak of case occured in an Itaewon nightclub. The country reported 27 cases for May 11. Meanwhile, China reported the re-emergence of new cases in Wuhan. Investors avoid risks and buy gold.
Trading recommendation: Buy 1.0805 and take profit 1.0855.
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