EURUSD Daily Outlook – On Tuesday the Fed suddenly decided to cut rates in hopes of boosting the markets that have been selling off on coronavirus fears. But the ECB sees no need for a rate cut to combat the virus!
Meanwhile, Bank of England’s Carney promised a powerful and timely response to the virus.
Besides the media’s new favourite topic, the coronavirus, we also saw that the Euro-zone’s unemployment was adjusted at 7.4%… And the Swiss and Aussie GDPs came in better than expected.
On Wednesday we have the Bank of Canada’s rate decision and the ISM non-manufacturing composite.
Today I’m looking at the EUR/USD pair which has formed an actual V shape on the daily chart… The pair bounced right off the 1.0785 level, and shot right up above 1.11 and the daily Ichimoku cloud.
This type of movement is bizarre for this pair and is a testament to the coronavirus hype.
If the pair decides to go back to normal volatility, we should see a pullback towards 1.1054 in the coming days.
Head over to the comments section and let me know!
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Roz has been engaged in the financial markets since 2017, specializing in Foreign Exchange, Before joining to FOREX IN WORLD she start to learn forex trading related information.