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EURUSD: coronavirus events boosting USD

On Friday, March 20, trading on the euro was down at the close. At the beginning of the European session, the price rose to 1.0831, before falling to 1.0638 in the US session. Markets collapsed on the back of the news that New York Governor Andrew Cuomo signed an order for the transfer to remote work for all employees of US-based companies. US President Donald Trump closed the border with Mexico, and then over the weekend - with Canada. The US is in lockdown.

Over the past week, the S&P500 index fell by 14.97%, to 2,304.9, (EURUSD) - by 3.66% or 406 points.

Today’s events (GMT+3):

  • 16:00 China: will publish an index of leading indicators for February.
  • 18:00 Eurozone: Consumer Confidence (Mar).

Current situation:

The expectations set out on Friday came true. The price rose up to the 135th degree, before falling to a new minimum price. Bears ran out of time in their quest to reach the target level of 1.0600.

In Asian trading, the euro set a new minimum, and recovered to the balance line (Lb). All attention remains focused on the pandemic and the spread of coronavirus.

Today is like Friday, we expect a rise to the Lb and a fall in price. We can see that the price has rebounded to the Lb and is ready for a new fall. If we consider the movement within the channel, then the target area for today is  found at the level of 1.0630.

To reverse the “bearish” trend, bulls need to gain a foothold above 1.0835. If the US market opens with growth, then a new minimum will not be reached. Given the ambiguous situation, working with the trend is safer.

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