10.02.2020: Coronavirus cases in UK have no effect on traders. Outlook for EUR/USD and GBP/USD.

10.02.2020: Coronavirus cases in UK have no effect on traders. Outlook for EUR/USD and GBP/USD.


The US dollar has positively begun a new trading week. Investors are pricing in sings of the US economy stability that were proved by Friday’s labor reports. At the same time, the European currencies are depreciating against the US dollar. In our video review we will find out what levels the euro can hit. The euro/dollar pair has been dropping for five weeks already. Thus, the pair hit the levels of October 2019. In fact, this can be viewed as a sign of recovery from long-term correction, which has been completed by 80% already. We can expect that there will be a shift in driving forces at the level of 1.0950. A pullback is also possible at this level. At the same time, the quote can fall to 1.0879, the lowest reading of the previous year. Today, the pound sterling is the only currency that is showing activity and a confident rise amid lack of macroeconomic data. The British pound is boosted by news on increasing number of people infected with coronavirus. The currency’s movement is shaped by uncertainty and a possibility of a technical rebound. The current growth of the British pound is supposed to be a short-term phenomenon. The pound/dollar pair managed to change its intermediate upward trend and consolidated below 1.2900. It is the first attempt to change a long-term trend. Thus, the pair reached a 2-month low. It is quite possible that the pound/dollar pair can get stuck in the range between 1.2770 and 1.3000. The support level is located at 1.2885. That is all for now. We keep monitoring the financial market situation. Subscribe to our channel and keep abreast of the latest news. See you soon!

One Comments

  • The Floating Foodie SV Ohana

    February 11, 2020

    And in latest news, Elvis is alive and well.

    Reply

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