Over the past week, the S&P500 index fell by 14.97%, to 2,304.9, (EURUSD) - by 3.66% or 406 points (4 pips).
Today’s events (GMT 3):
- 16:00 China: will publish an index of leading indicators for February.
- 18:00 Eurozone: Consumer Confidence (Mar).
The expectations set out on Friday came true. The price rose up to the 135th degree and a new minimum price. Bears ran out of time in their quest to reach the target level of 1.0600.
In Asian trading, the euro set a new minimum, and recovered to the balance line (Lb). All attention remains focused on the pandemic and the spread of coronavirus.
Today is like Friday, we expect a rise to the Lb and a fall in price. We can see that the price has rebounded to the Lb and is ready for a new fall. If we consider the movement within the channel, then the target area for today is found at the level of 1.0630.
To reverse the “bearish” trend, bulls need to gain a foothold above 1.0835. If the US market opens with growth, then a new minimum will not be reached. Given the ambiguous situation, working with the trend is safer.