Trading plan for EUR/USD on May 22, 2020. A third wave of COVID-19 is brewing in Brazil, India and Peru. The situation in

By | May 22, 2020
InstaForex
Trading plan for EUR/USD on May 22, 2020. A third wave of COVID-19 is brewing in Brazil, India and Peru

Relevance up to 04:00 UTC–5

analytics5ec794d177e27.jpg

Coronavirus updates from around the world:

1. In the US, the daily increase of new cases rose to 28 thousand. The number of deaths is about 1,400 per day.

Such is the result of a premature easing of quarantine measures.

2. A third wave of the pandemic is brewing. Brazil recorded a huge increase in new cases at about 17 thousand per day, with deaths at about 1,200 per day.

A potentially dangerous situation is seen in India, as the country records about 6 thousand new cases, much higher than the figures before. Given the size of India as well as its population, the situation may lead to a disaster.

Meanwhile, Europe continues to open. The US remains launching its economy as well.

analytics5ec795df05eb3.jpg

S&P 500 daily chart.

The index has no potential growth. The number of unemployed reached 25 million in the United States, with about 2.4 million new applications for unemployment benefits.

Business activity indices are also terrible. The Philadelphia index turned out to be minus 40, with leading indicators at minus 4%.

Sell positions may be opened in the US market at current prices.

analytics5ec796b2ccfd1.jpg

EUR/USD: The plan of increasing the pair will most likely fail.

Keep holding buy positions from 1.0855. Stop at a breakeven.

Open sell positions from 1.0770.

Buy positions may also be opened from 1.1000.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Sam Alan,
Analytical expert
InstaForex Group © 2007-2020

Benefit from analysts’ recommendations right now

Top up trading account

Get a bonus from InstaForex

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.

InstaForex

Leave a Reply