FX.co ★ Trading plan for EUR/USD on July 20, 2020. The euro is rising despite the failure of negotiations in the EU summit. Meanwhile, the second wave of the pandemic continues to escalate.

The latest data on the coronavirus suggests that the second wave of the pandemic is at its peak, having the three "leading" countries record more than half in the total number of cases around the world.

Nevertheless, there seems to be progress, as there is a slowdown observed in the United States and Brazil, which recorded a decrease in the number of daily incidences to 65 thousand and 25 thousand respectively.

However in India, infections have risen to 40 thousand per day, and South Africa is approaching 13 thousand cases per day.

As for the euro, the currency is rising amid the failure in negotiations in the recent EU summit.

This weekend, an EU summit was held to discuss important issues, during which disagreements arose on the proposed recovery plan by the European Council. The plan was initially worth € 750 billion, but several countries such as the Netherlands, Austria, Sweden and Denmark opposed it and demanded that the assistance be formalized as loans. Since decisions in the EU must be made by consensus (!), the summit had to be extended.

EUR/USD: Buy positions from the level of 1.1345, targeting the level of 1.1520 and above.

Also buy from a pullback from 1.1370.