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09.07.202011:02 Forex Analysis & Reviews: Trading plan for EUR/USD on July 9, 2020. Update on the coronavirus and news on the US market. The euro is on a rise.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 09.07.2020 analysis

The second wave of the coronavirus is in full swing.

According to the latest data, the United States has recorded a huge number of new infections at 55 thousand per day, and listed deaths to almost 1,000 per day.

Brazil has a similar situation, recording 48 thousand new cases and 1,300 deaths.

India, meanwhile, has a daily increase of more than 23 thousand new infections.

Exchange Rates 09.07.2020 analysis

US market - a consolidation will occur, after which growth will continue.

Sell positions from the highs that will be reached.

Today, an important report on the US labor market will come out at 13:30 (UTC + 1).

Exchange Rates 09.07.2020 analysis

EUR / USD: a strong bullish signal surrounds the euro. It already hit the highest level reached in June (1.1350), and is now under a correction.

Buy positions at the current level 1.1335 or lower.

You may also buy from 1.1245, but stop at 1.1260.

Look forward to a continued growth in the direction of 1.1500 and above.

In case of a reversal, sell from 1.1260.

Jozef Kovach
Analytical expert of InstaForex
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