Asian and European markets bounced this morning as investors reacted positively to the U.S. Federal Reserve’s announced open-ended asset purchase program on Monday, as well as other measures to keep the market functioning. With today’s PMI numbers from Europe, we might get possible insights on the virus- hit the economy and could find good entries to sell the EUR if they would not convince.
We just sold EURUSD at 1.0820 with SL at 1.0905. Our TP is at 1.0710 as we believe that the slight negative numbers from the PMI and the technical resistance could push the markets lower again. The weekly chart is also still showing significant momentum to the downside especially after the retracement higher during Monday trading.