Forex FOREX PRO WEEKLY, March 30 - 03 April, 2020

Sive,

I think the authors of that letter are playing word games. Maybe their organization has its own definition requiring a 5% infection rate to qualify as an epidemic. If so, I'd love to see what they'd call it if Ebola started spreading across Russia and was only infecting 4% of the population.

I suggest everyone read this:

https://www.cdc.gov/csels/dsepd/ss1978/lesson1/section11.html

"Epidemic refers to an increase, often sudden, in the number of cases of a disease above what is normally expected in that population in that area."

and

"Pandemic refers to an epidemic that has spread over several countries or continents, usually affecting a large number of people."

These definitions predate the current COVID-19 pandemic by many years.

The good news is that this isn't related to Ebola. If it was, people wouldn't be wasting time coming up with conspiracy theories. Instead, they'd be staying at home as much as possible and staying as far away from other people as possible when they go outdoors. Oh wait, maybe I'm wrong. There are some people in the current Ebola outbreak zones who are trying to claim the disease is fake and is being used as part of some sort of conspiracy. o_O

This not the flu. This is a coronavirus. There are many coronaviruses, but this is the 3rd one that was bad enough to gain serious attention, and the first of those to go global. The previous two, SARS and MERS, were eradicated in humans, but may still be infecting animals.

The death rate from COVID-19 is literally all over the map. It's a new virus and the percent killed varies wildly. Any papers talking about the percent who die get outdated before they get reviewed and published. Some of the variability is due to hospitals being overrun in some areas and not others. Some is due to some areas having more elderly people with additional health problems than others. Some may be due to different strains or environmental conditions. Again, it's a NEW virus, so a lot of great sounding ideas that explain what it happening right now in one area will end up being proven wrong as more data comes in. What we do know is that the more heavily hit cities are running out of hospital beds and ventilators. We also know that a lot of medical workers have caught this and some, even young and heathy ones, have died from it.

The world has a chance to eradicate COVID-19, but only of governments and people take proper precautions. Or, everyone can say "It's not so bad. Let's all go back to work, to school, to church, out to eat, or to the movies. So what if we add another few hundred thousand (or few million or few tens of millions) to the word's annual death toll from disease."

I have some simple question for everyone. Do you have any elderly family members or any family members with other medical conditions? If so, do you want to reduce their chances of dying? Even if you are so horribly shallow and self-centered that you don't care how many millions of deaths this could cause, are you ready to live with the damage even a mild case may cause to your lungs? Do you guys out there know that SARS did cause testicular damage in some victims, leading to lower rates of production of certain hormones? Guess what, it looks like COVID-19 may do the same.

Staying home as much as possible and taking precautions when you go out will protect you and your family. It will also have an added benefit. Other diseases will also find it harder to spread if everyone does this.

Or, you can believe that some rich evil conspirators who are behind it don't care that their own vast stock portfolios all took a massive hit. You can believe that every country accused of deliberately releasing this was dumb enough to not realize how badly it would damage their own economy. You can believe it's only as bad as a common seasonal flu, despite the rapidly growing body counts in many countries. Darwin has some special awards waiting for you.

Will evil people and even some governments try to misuse the situation to their own advantage? Sure, some will. But that doesn't mean the problem itself isn't real and should be ignored.
 
People are already stressed, which makes them more prone to bad decisions and outright mental lapses. Put enough wild conspiracies in front of the wrong person at a time like this and very bad things can happen.

Don't believe me?

This is what spreading wild conspiracy theories can lead to:


An engineer tried to ram a hospital ship with a train, because he thought it was "suspicious" and did not believe "the ship is what they say it's for." and "You only get this chance once. The whole world is watching. I had to. People don't know what's going on here. Now they will."

The Mercy was in Los Angeles to reduce the load on hospitals by taking non-coronavirus patients. The US only has 2 such ships. The other one is busy in New York. If that track had been longer, it could have lost one. There are no backups.

I hope everyone remembers this before posting or forward some bizarre theory without carefully checking the facts first.

Or, just label me as one of the evil conspirators trying to take over the world and keep doing things that will only lead to more disasters and deaths.
 
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Quaterly charts EURUSD, GBPUSD,EURGBP
 
I have some simple question for everyone. Do you have any elderly family members or any family members with other medical conditions? If so, do you want to reduce their chances of dying? Even if you are so horribly shallow and self-centered that you don't care how many millions of deaths this could cause, are you ready to live with the damage even a mild case may cause to your lungs? Do you guys out there know that SARS did cause testicular damage in some victims, leading to lower rates of production of certain hormones? Guess what, it looks like COVID-19 may do the same.
Will evil people and even some governments try to misuse the situation to their own advantage? Sure, some will. But that doesn't mean the problem itself isn't real and should be ignored.

Yes, mate you're right, golden conclusion.
 
Great charts, Tom

It seems we have bullish grabber on both EUR and GBP, while EUR/GBP bearish grabbers suggest that GBP should run faster.
 
Morning everybody,

Today starts two sessions that could significantly change the shape of price action. I mean US employment data release that should reflect virus impact on economy for the first time. Last week it was just in. claims and PMI, but tomorrow we will get NFP.
Technically, everything stands good, downside action is gradual that confirms idea of retracement by far. On daily chart the only thing that we would like to get - bullish grabber around 1.0830 area.

On 4H chart we're watching for our major AB=CD target that creates the Agreement with the same level:
eur_4h_02_04_20.png


On 1H chart yesterday setup is done well, as, indeed, EUR has formed "222" Sell" and then dropped back to K-support area. Here we have large wedge pattern and the major problem is we do not know definitely whether market completes AB-CD or jump up right from here, because this depends on the data.

I would say that technical picture stands in favor of reaching of 1.0830 rather than immediate upside jump. Thus, if you prefer to get "all or nothing" - you just wait for 1.0830 Agreement area. If you have some doubts - the better choice is to split the position on 30/70 ratio. But stop anyway should be below 5/8 level. Also guys, be aware of sharp drop and acceleration down. In this case do not buy blindly from the level and wait a bit.
eur_1h_02_04_20.png
 
Morning guys,

Yesterday market has got first data, that reflects impact of virus on US economy. This data was awful - 6.5 Mln claims per week. It means that everything just starting, nothing over yet and world stands in a beginning of the crisis. I suspect that we will see 1.5-2 times worse payrolls today. On a background of claims data - investors turn back to "run into USD" action. As a result, we see just puny reaction on major support areas. It means that bullish context is destroyed and we should be ready for further downside action, back to 1.06 lows. It also rise the question on survival of monthly bullish grabber pattern...
eur_d_03_04_20.png


ON 4H is the next target - XOP:
eur_4h_03_04_20.png


And here on 1H - you could see reaction on our major AB=CD Agreement support area. Very small bounce that doesn't correspond to idea of further upside continuation and mostly suggest that recent 5/8 upside action on daily chart was a retracement:
eur_1h_03_04_20.png


As market stands oversold on EUR - we could focus on GBP, where market is relatively close to resistance.
On EUR - we suggest no longs, for shorts we need the pullback.
 
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