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20.10.202009:14 Forex Analysis & Reviews: Trading plan for the EUR/USD pair on October 20. Second pandemic wave in Europe and correction in the US market.

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Europe went back to being the center of the pandemic again.

Although the US and India still have the highest incidence rates, many European countries are already following this step. One of which is the UK, which already records more than 18 thousand new cases a day. Then, Spain follows with 12 thousand daily incidence, Italy with 9 thousand, and then Switzerland at more than 8 thousand. In France, a curfew has been imposed to control and lessen the spread of the virus.

S&P 500 index, daily chart.

A strong collapse has been observed, which can be accounted to the upcoming US presidential election, where Democrat Joe Biden will most likely win. Because of that, the market is currently facing an unclear prospect with business taxes, to which Trump promised big protests if he loses.

Sell when stocks rebound upwards.

EUR/USD - the euro is currently facing a correction, but it could turn into a new wave of growth towards the level of 1.1860

Keep setting up long positions from the level of 1.1707 and 1.1748, then take profit at the level of 1.1700.

Longs may also be opened from the level of 1.1745

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