A new case of coronavirus has been reported in the European, with a sharp rise to 26,896 in France over the weekend. This number indicates that there is an increase more than the number of cases that happened in Spain. The second wave of coronavirus outbreaks has raised concerns that the EU could return to tensions as it did earlier this year, potentially doubling the risk of a recession will cause another lockdown and maintain social distancing. To prevent the spread of the coronavirus, the European Central Bank (ECB) has decided to increase cash injection to increase the purchase of equipment to prevent the spread of the virus. On the other hand, the uncertainty of the November 3 US presidential election is also a reason for investors to consider about selling the euro. All of the above factors may be one of the triggers for the depreciation of the EUR / USD pair.

1. Sell option

– Enter Market Price: $1.17500

– Take Profit: $1.1700-$1.16000

– Stop Loss: $1.18500

2. Buy option

– Enter Market Price: $1.14600

– Take Profit: $1.16000

– Stop Loss: $1.14000

Analysed by :Mr. Vanna Bora,Independent Analyst