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FX.co ★ Trading plan on EUR/USD for February 6, 2020. The epidemic in China has somewhat receded. China has reduced the duties on goods from the United States

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Forex Analysis:::2020-02-06T07:02:03

Trading plan on EUR/USD for February 6, 2020. The epidemic in China has somewhat receded. China has reduced the duties on goods from the United States

 Trading plan on EUR/USD for February 6, 2020. The epidemic in China has somewhat receded. China has reduced the duties on goods from the United States

On Wednesday, the markets experienced a wave of optimism, which continued on Thursday morning.

China has announced that it may have found a cure against the coronavirus, however, it is not yet possible to assert this. The virus, meanwhile, continues to spread, and the number of deaths has reached 560. The data on the growth of new cases, on the other hand, is not yet available. At the same time, it is clear that the spread of the epidemic outside of China can be prevented.

In the United States, Trump won in the impeachment case, as the Senate recognized the charges against Trump as untenable. This favored the dollar. Meanwhile, China, under the pressure of the epidemic, reduced the duties on goods from the United States by $ 75 billion. This is a positive scenario for both the US and the dollar.

In other aspects, the employment report from ADP on Wednesday showed a huge increase in new jobs: +290 K, and the ISM service sector showed a strong 55.5.

Meanwhile, EUR/USD is under strong pressure.

The euro was literally pushed to the bottom of the 1.0990 range.

Sell for a breakout of 1.0990.

Analyst InstaForex
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