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Thursday was the day of the strongest fall in world markets. US indices fell -9%, this is the strongest daily fall since 1987. As you can see on the S&P 500 chart, the total drop from the highs was almost -30%.
However, on Friday we see a rebound upward, where, futures for US indices increased by 4%, and the RTS index by 5%.
It is clear that the markets will now try to draw the bottom.
The Fed supported the markets as the Federal Reserve Bank of New York provided liquidity support for a huge amount of $500 billion to prevent a complete collapse of the market.
The US' ban on the entry of EU citizens is a strong bleak. What made it worst is that the EU authorities only found out about this decision in the newspapers. But, on one hand, this might help slow down the spread of the virus in the United States and smooth out the crisis. This means that in the meantime, large airline companies will have to suffer big losses.
Oil has not yet dropped below $30
What's next? The market will be waiting for the first reports on coronavirus on Monday morning - especially from Europe. This will determine the future in the markets.
EURUSD:
The euro also draws a stop.
You may prepare to buy from 1.1495 - and sell from 1.0775.
But wait for new closer levels.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
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