FX.co ★ Trading plan for the EUR/USD pair on December 7. New peak in the US market, upward trend in the euro.

There is a strong pullback in global COVID-19 incidence, but this may be only due to being a weekend. Two days before, infections had risen to 680,000, while yesterday it only to 535,000.

A sharp decline was also observed in the United States, as it only recorded around 174,000. However, a decrease can not be confirmed with only data for two to three days, thus, more careful observation is still needed.

In Europe, the situation is clearly stabilizing, and this is due to tighter sanitary measures.

All these suggest that the second pandemic wave is receding.

To add to that, vaccinations are set to begin in the UK next Friday. The US, meanwhile, is still awaiting approval.

The US market reached a new peak amid expectations of a new stimulus worth $ 900 billion. Such an amount is a lot, about 4% of annual GDP, therefore, JPM analysts predict a further increase in the market. In that regard, positions must be placed very carefully. Buy positions should be opened with downward pullbacks, while sell positions must be opened after a strong decline.

EUR / USD - the euro remains in an upward trend.

Keep buying from 1.2012, or from the level of 1.2115. Place stop loss at 1.2055.

There is no good level for sales yet.