At the beginning of the week, global markets crashed in early trading amid the coronavirus.
The coronavirus is spreading fast across the world. At the moment, the number of infected people outside China is 28 thousand. The virus has spread to 99 countries. Three main regions affected by the disease are South Korea, Italy (7.5 thousand cases), and Iran (6.5 thousand cases) followed by France (1000 cases) and Germany (900 cases). The US declared an emergency situation in New York.
Authorities of major countries are likely to stop their attempts to block the coronavirus as it can paralyze life in many cities.
According to PIMCO, the US and the EU are expected to plunge into recession in the first half of 2020 due to a decrease in demand amid the coronavirus.
I hold my buy deals on EUR/USD opened at 1.1100.
Correction is likely to occur on a daily chart. Buy deals can be opened at 1.1160.
The material has been provided by InstaForex Company – www.instaforex.com
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