Today, the focus is on the new oil union, the COVID-19 trend in Germany, and the actions of the US Federal Reserve.
News
The Fed has promised unprecedented support for business. Affects the S&P 500
Saudi Arabia and the United States may create an oil alliance. Affects Brent
The EU may begin negotiations with Albania and Northern Macedonia on joining the union. Affects EUR
The head of the German Public Health Institute (Robert Koch Institute) Lothar Wieler believes that the situation with the spread of COVID-19 in the country may soon improve. Affects DAX
The ECB is preparing to step up support measures. Affects EUR
Calendar
09:30 GMT
The composite index of business activity in the UK will be released. A value above 53.00 points may lead to an increase in GBP.
14:00 GMT
A report on new home sales in the United States will be published. An increase of 750 thousand is forecasted. If real data are below this value, USD may fall.
Technical Analysis
EUR/USD
The Fed is launching a new business support program. The regulator admits that the country’s economy has faced serious shocks. Perhaps in the near future the regulator will once again reduce the key rate.
The situation for EUR/USD is favorable for lower deals, as the asset’s chart is currently retesting the previously broken support level of 1.08000. We expect the resumption of bearish activity.
USD/NOK
The currency pair did not continue to attack the level of 12.00. Perhaps soon we will get a trend reversal.
Gold
The asset broke through a downward resistance level, which could trigger the further growth of quotes.
EUR/USD on this day in history
- Since 2000, Mar. 24th has been a trading day 13 times.
- On 54% of those days, the asset finished trading with growth.
- The maximum strengthening range was 0.99%.
- The downward trend was limited to 1.62%.