07.04.202011:24 Forex Analysis & Reviews: Trading plan for EUR/USD on April 7, 2020

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The market is waiting for EU's decisions to support the economy. They expect another support package from the ECB.

Update on oil: Despite the exchange of harsh statements from Saudi Arabia and Russia, major oil producers are now negotiating an agreement with OPEC, Russia, and the United States. It is assumed that all participants will reduce oil production, but in different volumes.

Update on the coronavirus:

The epidemic is now slowing down in Europe. The governments of Austria and Denmark have already begun easing the quarantine measures. Earlier, Germany also announced its plans to lift the quarantine, but they do not have a date yet.

In Italy and Spain, the number of new cases has decreased to about +3 to + 4% per day. The number of deaths is about +600 to +700 per day, which is 1.5 times lower than the maximum.

Meanwhile, the situation in US is still difficult. As of this morning, the number of deaths is +1,255, and the number of new infections is +30 thousand (increase of + 8% per day). The total number of COVID-19 cases in US is now 367 thousand.

For those who follow the pandemic, I want to tell you something important: it is very critical to reduce the increase in the number of cases of coronavirus infection to no more than + 7% per day. Why so? It's quite simple. The period of illness of a person infected by the virus does not exceed 14 days. If there are no new cases, the number of patients will decrease at a rate of -7% per day. Thus, after the first explosive growth, the number of patients will stabilize, not grow further, and will stop.

In New York, over the past 24 hours, the number of infected has increased by +9,000 (+ 7% increase per day). The total number of infected in the city is now 132,000. Nevertheless, there are hopes that stabilization has begun.

We should also make sure that the increase in deaths in New York does not exceed + 7% per day.

New York: deaths per day - +600. Total deaths - 4,800 (increase is above + 10%)

EUR / USD: a rebound upwards is beginning to form. A new level began to form down 1.0765

Sell from 1.0635, or more aggressively, from 1.0765

Buy from 1.1040.

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