24.04.202009:04 Forex Analysis & Reviews: Trading plan for April 24, 2020. EUR/USD. US market and coronavirus

S&P 500 daily chart.

Two news on the US market:

1. New applications for unemployment benefits bounced to 4.4 million. Overall, 16 million Americans are currently unemployed;
2. US approves new aid package for small businesses worth $ 484 billion.

It seems that the US market decided to rely on the government's assistance. Investors expect that these measures will turn the market away from the crisis, which I disagree with, as sooner or later, the market will face a new strong decline. Therefore, current prices are suitable for sales.

Coronavirus update:

US coronavirus cases near 900,000 (actual figure is 886,000). Slight increase in daily infection was recorded (3,2000), and daily deaths are once again above 2,000.

Compared to other countries such as Italy and Spain, the quarantine's introduction in the US was a bit delayed - quarantine was implemented when cases already reached 20,000. This might have caused this severe variant of the pandemic.

In Russia, quarantine was introduced when the number of cases was 1,000. However, its mechanism for stopping the pandemic is different - in fact, quarantine has little effect, as infection rate in Russia decreases upon contact. Meanwhile, in the US, although the pandemic is on the decline, infection rate is less than 4% and fatality stabilized at below 2,500 per day, cancellation of quarantine right now is fraught with a re-outbreak.

Meanwhile, Europe begins opening its economy - from the beginning of May, most countries will start gradually lifting quarantine (re-open of business).

Other countries who are still under bad situations, such as Britain (daily deaths above 600), will not lift quarantine yet.

EUR / USD: The euro is making a new run down. Sell from 1.0755.

In case of a rebound, buy euros from 1.0850.