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Trading plan on EUR/USD for February 20, 2020

Update on the coronavirus epidemic: the total number of cases is 74.5 thousand, while the total death count is 2,118.The number of cases increased by 400, the lowest since January 25, which is a good signal, as it indicates that the epidemic is obviously stopping.EUR/USD: Strong US data supported the dollar. Earlier this week, the data on net capital inflows/outflows was released – it amounted to $ 85 billion.On Wednesday, the report on inflation in the wholesale link (producer prices) was released. The PPI showed an unexpected strong growth of + 0.5%, despite its initial forecast of +0.1%. This indicates an increase of 2% per annum, which closes the idea that the Fed will reduce the rates in the future. Instead, it opens the possibility of the Fed raising the rate after some time.EUR/USD: the pair is in a downward trend. Attempts for a correction are being made.Keep selling from 1.0990.Sales, with a rebound from 1.0860 or higher, are possibleThe material has been provided by InstaForex Company – www.instaforex.com…

Forecast for EUR/USD on February 20, 2020

EUR/USD
The euro gained 13 points on Wednesday as part of a moderate expected correction after the previous three-figure fall. The growth could have been greater, but this was hindered by the fall of the British pound and the Japanese yen and the report on the eurozone balance of payments for December, which showed a balance of 32.6 billion euros against expectations of 34.5 billion. Data on the laying of new homes in the US for January showed a small decrease: 1.57 million against 1.63 million a month earlier, but the issued building permits increased from 1.42 million to 1.56 million, showing the highest figure since January 2007. Published minutes from the last FOMC Fed meeting showed nothing interesting.
On the daily chart, the signal line of the Marlin Oscillator is pointing upward, it is possible to continue the correction to the Fibonacci level of 161.8% at the price of 1.0840. The main objectives of declining 1.0745 and 1.0650/80 are maintained.
On the four-hour chart, the double convergence according to Marlin retains its potential effect, which may result in continued price growth, but the signal line of the oscillator stopped at the boundary with the territory of growth….

Fractal analysis of the main currency pairs for February 20

Forecast for February 20:Analytical review of currency pairs on the scale of H1:For the euro / dollar pair, the key levels on the H1 scale are: 1.0891, 1.0861, 1.0832, 1.0807, 1.0775 and 1.0751. Here, we expect a correction in a downward trend. Short-term upward movement is expected after the breakdown of the level of 1.0807. Here, the target is 1.0832. The breakdown of which will lead to in-depth movement. In this case, the target is 1.0861. This level is a key resistance for the subsequent development of the ascending structure. For the potential value for the top, we consider the level of 1.0891. We await the design of expressed initial conditions before this value. A potential value for the downward movement is the level of 1.0751, however, we consider the movement to this level as unstable.The main trend is a downward structure from January 31, we expect a correctionTrading recommendations:Buy: 1.0807 Take profit: 1.0830Buy: 1.0834 Take profit: 1.0860Sell: 1.0775 Take profit: 1.0752Sell: Take profit:For the pound / dollar pair, the key levels on the H1 scale are: 1.2990, 1.2955, 1.2932, 1.2891, 1.2863, 1.2827 and 1.2804. Here, we are following the development of the downward cycle of February 13. Short-term downward movement…

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EUR/USD. February 19. Results of the day. Traders await Fed minutes, which will not bring new information

4-hour timeframe
Amplitude of the last 5 days (high-low): 60p – 55p – 33p – 22p – 52p.
Average volatility over the past 5 days: 45p (average).
The EUR/USD currency pair, in a completely on-duty style, updated three-year lows, reaching 1.0785, and did not move from the current lows on Wednesday, February 19. The upward correction does not start and the single currency continues to fall. Despite the fact that today no important macroeconomic publication has been planned in the European Union and the United States that traders could use to take part of the profit on short positions, the correction stubbornly does not want to begin. However, we warned traders that such a weak, but confident, downward movement, which is observed now, can be very long. Thus, nothing changes for the euro/dollar pair. It should also be noted that the quotes of the pair have already worked out the support level of 1.0786 twice and failed to overcome it. Volatility has also decreased today and is currently 23 points. Thus, neither fundamental nor technical grounds for starting the correction are still observed. Even an unsuccessful attempt to overcome the level of 1.0786 cannot be considered a rebound, since…

IMF Says Coronavirus Poses New Threat To Fragile Global Economic Recovery

Global economy is set for a fragile and shallow recovery and the coronavirus outbreak in China is posing a new threat to the outlook, the International Monetary Fund said Wednesday. “Global growth appears to be bottoming out, but the projected recovery is fragile,” the lender said in a surveillance note for the G20 finance ministers and central bank governors meeting to be held in the Saudi Arabian capital of Riyadh on February 22-23. “The projected recovery is expected to be shallow and subject to downside risks,” the note said. Elsewhere on Wednesday, the IMF Managing Director Kristalina Georgieva said in a blog, “The global economy is far from solid ground…The truth is that uncertainty is becoming the new normal.” The IMF chief stressed on the risks from climate crisis. She said investments in clean energy and resilient infrastructure can yield “a triple dividend”, which is averting future losses, delivering innovation gains, and creating new opportunities for those most in need. A typical climate-related natural disaster can reduce growth by an average of 0.4 percentage points in the affected country in the year of the event, IMF staff estimates released on Wednesday showed. In the January update to the World Economic…

Belgium Consumer Confidence Improves For Second Month

Belgian consumers were less pessimistic for a second straight month in February, survey data from the National Bank of Belgium showed on Wednesday. The consumer confidence index rose to -4 from -6 in January. In December, the reading was -8. This new boost of confidence is reflected in all components of the indicator, except in the forecasts for the economic situation in Belgium, the bank said. Consumers’ optimism about future developments on the labor market strengthened further. Households are now expecting their financial situation to improve again in the coming twelve months and are planning to save more, the survey results showed. The material has been provided by InstaForex Company – www.instaforex.com…

Turkish Lira Drops To Near 9-month Low Versus U.S. Dollar After Turkey Rate Cut

The Turkish Lira moved down against the U.S. dollar in the European session on Wednesday, as Turkey’s central bank cut its key interest rate by 50 basis points, the sixth consecutive cut in an aggressive easing cycle that began in July last year. The Monetary Policy Committee, led by Governor Murat Uysal, slashed the policy rate, which is the one-week repo auction rate, to 10.75 percent
from 11.25 percent. “At this point, the current monetary policy stance remains consistent with the projected disinflation path,” the bank said. “As the contribution of net exports to economic growth declines, economic recovery is expected to be sustained with the help of the ongoing disinflation process and improvement in financial conditions,” it added. The Turkish Lira declined to near a 9-month low of 6.0809 versus the greenback from Tuesday’s closing value of 6.0540. The Lira may locate downside target near the 6.5 level. The material has been provided by InstaForex Company – www.instaforex.com…

February 19, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

On December 13, the GBPUSD pair looked overpriced around the price levels of 1.3500 while exceeding the upper limit of the newly-established bullish channel.On the period between December 18th – 23rd, bearish breakout below the depicted channel followed by temporary bearish closure below 1.3000 were demonstrated on the H4 chart.However, immediate bullish recovery (around 1.2900) brought the pair back above 1.3000.Bullish breakout above 1.3000 allowed the mentioned Intraday bullish pullback to pursue towards 1.3250 (the backside of the broken channel) where bearish rejection and a new wide-ranged movement channel were established between (1.3200-1.2980).Recently, new descending highs were demonstrated around 1.3200 and 1.3070.Intraday technical outlook is supposed to remain bearish as long as the pair maintains its movement below 1.3070 (recently-established descending High).Recent Bearish breakdown below 1.2980 enhanced further bearish decline towards 1.2890 (the lower limit of the movement channe) where signs of bullish rejection have been manifested Since February 10.This week, Temporary bullish breakout above 1.3000 has been expressed until Today when another bearish decline was expressed few hours ago.The current bearish decline below 1.2980 will probably lead the GBPUSD pair towards the next demand-level (the lower limit of the channel @ 1.2850) where price action should be watched.On the other…