For Traders

Analytical Reviews

Trading plan

16.11.202010:44 Forex Analysis & Reviews: Trading plan for the EUR/USD pair on November 16. Is the coronavirus finally retreating?

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.

A noticeable decline is observed in worldwide COVID-19 infections, from 600 thousand to 490 thousand cases a day. However, this figure emerged on a weekend, which usually shows a decrease in incidence, and then climbs back again further in the week. Closer monitoring is needed before any conclusion is asserted.

At the moment though, Europe is still near the highs, but some countries, France for example, have probably passed the peak. Some, like Austria, are under strict quarantine.

With regards to the vaccine, Pfizer is due to obtain approval from authorities. If this happens, at least 50 million doses will be released by the end of this year.

EUR/USD: The euro is growing, albeit extremely small and very slow.

Maintain long positions at 1.1790 and 1.1825, but be prepared for possible rollbacks.

Open short positions at 1.1745.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.