23 October 2020, EUR/USD
EURUSD trading plan:
An uptrend in the precious metals market will have a positive impact on the European currency, as the Euro is correlated with gold. Assets on the balance sheet of the US Federal Reserve reached a new all-time high of $ 7.17 trillion. This factor forces investors to increase their long positions in the precious metals market. A second wave of the virus is sweeping across Europe, and nearly 90% of economists said there was a high or very high risk that this would halt the nascent euro zone economic recovery. IHS Markit's flash Composite Purchasing Managers' Index it fell to 49.4 from September's final reading of 50.4, below the 50-mark separating growth from contraction. "The euro zone is at increased risk of falling into a double-dip downturn as a second wave of virus infections led to a renewed fall in business activity," said Chris Williamson, chief business economist at IHS Markit. This is a negative signal for the Euro.
Trading recommendation: range 1.1815 -1.1885.
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