ZuluTrade Blog

The major support proved to be solid! What's next for EURUSD?

Market View | Thursday, February 27, 2020 2:14 PM GMT

The coronavirus impact is spreading around markets rapidly and trillions of dollars have been lost. All major indices are still falling over aggressively today as new community disease headlines are being reported worldwide.

US30 daily chart

SPX500 daily chart

GER30 daily chart


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Investors are looking for safe assets like GOLD which has vertical, almost, bullish run while it targets the 1700 level. Naturally, the benchmark 10-year Treasure reached a fresh all-time low. Trump said that US is going to do whatever it takes to deal with the virus even though the risk of coronavirus to people in the U.S. is still “very low.”

GOLD Daily Chart


Following up on our previous blogpost, EURUSD reversed decisively to the upside, exactly on the marked support. The pair is heading to a major confluence of resistances as the declining trendline (T1) and the horizontal (H1) line at 1.099.

EURUSD Daily chart

Reviewing the hourly timeframe, we have added the Fibonacci and 61.8% offer an additional resistance level or a potential target. Still, the pair’s bias remains very bullish. Its clear the coronavirus doesn’t affect EURUSD negatively.

EURUSD Hourly chart

Today’s economic calendar includes the following news:
UnitedStates - Nondefense Capital Goods Orders ex Aircraft (Jan)
Previous: -0.8%, Forecast: -0.808%
UnitedStates - Gross Domestic Product Annualized (Q4)
Previous: 2.1%, Forecast: 2.037%

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.




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