- Global Equities retreated amid worsening concerns over extended covid cases
Euro fell further after Germany’s economy deteriorated significantly in October, according to the latest data from the Zew survey, a key gauge of sentiment in Europe’s largest economy. The reading came in at 56.1, its lowest point since May. We are maintaining our negative outlook in euro.
Meanwhile Dollar gained overnight after global stock rally paused on as a worsening of the pandemic and a bleak forecast from the IMF weighed on sentiment. Equities retreated after a setback in a corona virus medical trial and a stark warning from the IMF, which stated that the health crisis would cause “lasting damage” to the global economy as reported in FT.
TREND : WEAK BEARISH
Time : 14/10/2020
Pivot : 1.1759
Technical View : LONG ABOVE 1.1779
Target : 1.1799, 1.1836, 1.1864
Technical View : SHORT BELOW 1.1739
Target : 1.1719, 1.1701, 1.1682, 1.1638