Trading plan on EUR/USD for Feb 14, 2020

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Data on US inflation was released on Thursday: inflation remains at the same level, below the forecast, just above 2% per annum. Nevertheless, the euro remains under strong selling pressure, staying near the lows of the week.

Today, at 14:30 and 15:00 London time, huge data on the US economy will be released. This may change the market picture, such as organizing a correction for EUR/USD.

Meanwhile, on the epidemic in China: there are +3000 number of new cases per day (totalling to 63000); while +120 number of deaths (totalling to 1400).

The growth rate of the disease has decreased strikingly. The number of cases outside the main affected province has declined. For instance, there are 500 cases recorded in Japan.

The US indices are at highs, as the market is not responding to the epidemic yet. Oil has also drawn a bottom and is not falling.

EUR/USD: Keep selling from 1.0990. Prepare for a strong rebound to the top.

Selling is also possible from 1.0940.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Trading plan on EUR/USD for February 14, 2020

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