FX.co ★ Trading plan for the EUR/USD pair on October 8. Persistent rise of COVID-19 in Europe, publication of the latest Fed protocol and the upcoming US employment report.

Coronavirus infections continue to rise in Europe, and this is evidenced by the high incidence rate in France (19 thousand), Netherlands (5 thousand) and Ukraine (4 thousand). The Czech Republic also joins the group with a high number of cases, recording more than 5 thousand new patients a day.

As for the previous leaders, which are the United States and Brazil, cases have already dwindled to 40% below the highs.

The Federal Reserve published its latest protocol yesterday, and it revealed that the current pace of economic recovery in the United States is much faster and better than expected. Thus, a strong GDP growth is expected in the third quarter, and this is thanks to the adopted $ 3 trillion aid package for the economy. However, the Fed said that a new aid package is needed in order to maintain and sustain recovery, otherwise, a sharp slowdown may occur, which will lead to negative consequences.

EUR/USD: Traders are waiting for the US employment report set to be released at 13:30.

Set up a long position from the level of 1.1685, and then take profit around 1.1720.

Meanwhile, open short positions from the level of 1.1720.

You may also buy after a breakout from the levels 1.1785 and 1.1810.