The ECB's announcement of PELTRO (Long Term Refinancing Operations to Help in the Pandemic) gave hope, but hardly caused the rally. The Euro rose on the back of the dollar falling at the end of the month and managed to hold most of its positions. As for the ECB, its new lending schemes should help the most affected European economies, but players were more likely to hear that the bank is expanding its bond buying program. Head of the ECB Lagarde reiterated that the situation is very serious and added that production may decline by 15% in Q2 and by 12% in 2020.
EUR/USD, 30 min
Pivot: 1.0937
Analysis:
Provided that the currency pair is traded below 1.0975, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.0937
Take Profit 1: 1.0920
Take Profit 2: 1.0900
Alternative scenario:
In case of breakout of the level 1. 0975, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1. 0975
Take Profit 1: 1.0990
Take Profit 2: 1.1015
Comment:
RSI is bearish and indicates a further decline.
Key levels:
Resistance
Support
1.1015
1.0920
1.0990
1.0900
1.0975
1.0875
EUR/USD, D1
Pivot: 1.0959
Analysis:
While the price is below 1.0990, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.0810
Take Profit 1: 1.0780
Take Profit 2: 1.0725
Alternative scenario:
If the level 1.0990 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.0990
Take Profit 1: 1.1145
Take Profit 2: 1.1235
Comment:
RSI shows a possibility of a downtrend.
Key levels:
Resistance
Support
1.1235
1.0810
1.1145
1.0725
1.0990
1.0630
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – sell below 0.6420 with 0.6370 and 0.6350 as Take Profit targets. Alternative scenario - if the level of 0.6420 is broken-out, you should consider buying with the targets 0.6445 and 0.6350 as Take Profit. GBP/USD - short positions below 1.2500 with 1.2425 and 1.2385 targets as Take Profit. Alternative scenario - if the level of 1.2500 is broken-out, buy with the targets 1.2545 and 1.2575 as Take Profit. USD/CAD - buy above 1.4075 with 1.4165 and 1.4200 targets as Take Profit. Alternative scenario - if the level 1.4075 is broken-down, buy with the TP 1.4045 and 1.4005.
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