On the eve, the stock markets were in a fever – many sites showed a strong fall. This trend always has a negative influence on this currency pair, inasmuch as it is historically correlated with stock markets. On the eve, the media scared us with the coronavirus. If in the last few weeks high inflation was on the agenda, now this topic is either tired or decided to diversify the trend a little bit. As the financial media say, the incidence is high today, which means that new lockdowns and a recession in the global economy await us. Meanwhile, the statistics do not speak of a sharp increase in the incidence. Firstly, the daily indicator has recently been in the range of 450-550 thousand people, although in the 1st quarter this range was 200 thousand higher.

Secondly, now the mortality rate is 2 times lower than it was at the beginning of the year, and this trend will only gain momentum, inasmuch as many countries are actively working with their populations now and using the form of “voluntary-compulsory” vaccination. Therefore, “the devil is not so black as he is painted.”

Trading recommendation: Buy 109.30/109.05 and take profit 109.95.