FX.co ★ Trading plan for EUR/USD on February 24, 2020. The virus attacks outside of China: Italy, Korea, Iran.

The coronavirus was once again the number 1 news.

Although China managed to stop the spread of the infection in the country, new cases had appeared in different countries.

In China, there are 77.5 thousand cases in total. Many of those have recovered already, moreso, the number of patients is decreasing. Because of this, Chinese authorities have announced that non-residents of Hubei province, who are not ill, are now allowed to leave the province. In other words, everything is under control in China. Moreover, in order to overcome the downturn caused by the epidemic, the Chinese government has promised a stimulus package for the economy.

On the other hand, at the moment, there are already 700 people infected in Korea, there is a sharp increase of 152 cases in Italy, and about 50 cases more is recorded in Iran.

As a result, Austria closed communications with Italy, while Turkey and Armenia closed the border with Iran.

It is clear that in the event of a global epidemic, we will face a severe global economic crisis, perhaps more severe than in 2008-09, because there will be a huge decline in world trade.

EUR/USD: because of the negative news on the virus, a gap was opened downwards in the euro.

Keep selling from 1.0990.

Sales with rebounds to the top are possible from 1.0860 and above.