14 July 2020, EUR/USD
EURUSD trading plan:
We are expecting an uptrend to develop. Negative macroeconomic statistics from the United States will have a positively affect on the value of the euro. The U.S. federal budget deficit in June surged to $864 billion from single digits a year earlier amid continued strong spending on COVID-19 relief programs and a drop in individual and corporate tax receipts, the Treasury Department said. Outlays were up 223% to $1.1 trillion, a record increase for any month. The bulk of the June's jump in outlays was $511 billion for the government's Paycheck Protection Program. June receipts fell 28% to $241 billion, a reflection of job losses due to the COVID-19 pandemic but also this year's extension of the tax filing deadline to July from April.
Trading recommendation: Buy 1.1340 and take profit 1.1390.
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