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Will Coronavirus Cause More Damage To EURUSD?

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Feb 24 2020
 
Coronavirus is spreading in Europe, now in Italy which is closing cities and cancelling any public events. We see supermarket running out of foods, so there is serious fear which is impacting the stock market prices. We see negative impact now on US stocks as well, so both DAX and SP500 are in a correction that can reach lower prices after any short-term rise. I do not see any immediate and good solution to coronavirus; in fact this can cause companies to close for a temporary time, which will impact the euro economy, so I think the euro can stay in downtrend, and any rally can be short-lived. The 1.0865-1.0880 seems to be like an interesting technical resistance area; ideally for a completion of a forth wave.

EURUSD, 4h


Trade well,

The EW-Forecast team


 

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