Corona virus summary:
Looking at the latest coronavirus numbers, an upward trend in new COVID-19 cases was evident on Saturday.
On Sunday, the number of new coronavirus cases rose by 124,839 to 7,984,332. On Saturday, the number of new cases had risen by 140,913. The daily increase was lower than Saturday's rise while up from 123,802 new cases from the previous Sunday.
Germany, Italy, and Spain reported 909 new cases on Sunday, which was down from 914 new cases on Saturday. On the previous Sunday, 610 new cases had been reported.
From the U.S, the total number of cases rose by 19,920 to 2,162,144 on Sunday. On Saturday, the total number of cases had risen by 26,905. On Sunday, 7
Technical analysis:
EUR/USD has been trading downwards. I see potential for the further drop towards the level at 1,1145 (recent swing high)
Trading recommendation:
Watch for potential selling opportunities on the rallies using the intraday time-frames. There is the bearish divergence on the daily time-frame in the background, which is clear sign for the further downside cycle.
Downward target is set at the price of 1,1145
Resistance levels are set at the price of 1,1275
Support level is set at 1,1145.
