Trading plan for May 29, 2020: EUR/USD – take profit!; Coronavirus updates from around the world.

Coronavirus updates from around the world, as of May 29: the second wave is on the decline, but a third is possible.

In the US, the number of new cases jumped to 22 thousand, and the number of deaths arose to more than 1,000 per day. Regions recorded these increases, with New York contributing about 10% of the cases.

A record-increase was also observed in Brazil, with new cases jumping to 24 thousand. Developed countries are suggested to help Brazil with doctors and funds.

Meanwhile, India will be declared as the new center of the pandemic, if the situation in the country continues to deteriorate (if the growth of new cases accelerate even further).

Although there is a decline in deaths around the world (deaths in the US have decreased), new cases are still at a high level (particularly in Brazil and India).

In Russia, the situation in Moscow has improved, but the statistics in other regions seem to have increased. In total, Russia records 387 thousand coronavirus cases, of which 224 thousand are “active”.

Exchange Rates 29.05.2020 analysis

EUR/USD – take profit!

Open buy positions from 1.0855. At the time of this writing, the quotes are at 1.1100, so wait for the pair to move about 245 pips before closing. Such is a decent profit so we are taking it.

Open buy positions from a rollback from 1.1020.

US economy: the weekly data on US unemployment was published yesterday, which revealed 2.1 million new unemployed, and 21 million total unemployed.

Orders for durable goods in April also dropped to -17%, but without transport is -7.4%.

Sale of houses in the secondary market also fell by -21.8%.

Source: Trading plan for May 29, 2020: EUR/USD – take profit!; Coronavirus updates from around the world.

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