FX.co ★ Trading plan for the EUR/USD pair on November 3. COVID-19 and the US presidential elections.

As of Tuesday morning, the United States has again recorded near record highs of new COVID-19 cases, same with Europe, which continues to see a high incidence rate in many countries.

Latest data indicates that France already has 52 thousand new cases a day, while 9 European countries have above 11 thousand per day. Because of this, quarantine has been reintroduced in many states, namely Britain, Germany, Austria, Switzerland and Italy.

Nonetheless, many hope that this is already the peak of the second pandemic wave, or if not, approaching it already.

The US market is currently near two-month lows, and if Joe Biden wins the US presidential elections, the market will go down even lower.

EUR/USD - The euro is in a downward trend.

Long positions may be set up from 1.1710. However, a decline is more likely to happen, thus, it would be better to open short positions from the level of 1.1680.