Trading plan for the EUR/USD pair on November 24. The global COVID-19 situation is improving.

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Trading plan for the EUR/USD pair on November 24. The global COVID-19 situation is improving.

Trading plan for the EUR/USD pair on November 24. The global COVID-19 situation is improving.

Trading plan for the EUR/USD pair on November 24. The global COVID-19 situation is improving.

Signs have emerged that the COVID-19 pandemic is receding. Even if new cases in the US amounts to 172,000 a day, it is still below the 200,000 peak the authorities recorded before. To add to that, the situation has also stabilized in Europe, thanks to the quarantine restrictions re-introduced in many countries. All in all, global COVID-19 incidence is at 503,000 a day, which is 20% below the peak (660,000).

Another COVID-19 vaccine also came out, but this time from AstraZeneca and Oxford. Their drug has shown an efficiency of at least 90%, which means that the vaccine will also soon go into production, after the approval of authorities.

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EUR/USD – yesterday, the euro confused market participants with its sharp climb upwards followed by a strong drain downwards. In essence, the currency has no clear direction yet in the market.

Open long positions from 1.1906.

Open short positions from 1.1799.

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

Source : https://www.fx.co/forex_analysis/quickview/264640/