Euro/Dollar is being traded in a narrow range, demonstrating stability in the conditions of a strengthening dollar against a storm in the oil market. The single currency does not want to give up to the "King Dollar", but is it ready for growth? The dollar as the main protective currency heats hands on the collapse of oil quotes, provoked by the coronavirus pandemic. At first, the collapse started in the market of West Texas Intermediate futures, but now Brent oil has joined them, which also sank to the lowest levels since 1999. However, EUR/USD has dived to 1.0820 only for a while, noting its falling maximum. What is the euro's support? First of all, it is the improvement of statistics on COVID-19. It is especially noteworthy that this improvement was observed on Tuesday, the day when traditionally there is an increase in indicators after the weekend effects.
EUR/USD, 30 min
Pivot: 1.0828
Analysis:
Provided that the currency pair is traded below 1.0880, follow the recommendations below:
Time frame: 30 min
Recommendation: short position
Entry point: 1.0828
Take Profit 1: 1.0780
Take Profit 2: 1.0760
Alternative scenario:
In case of breakout of the level 1.0880, follow the recommendations below:
Time frame: 30 min
Recommendation: long position
Entry point: 1.0880
Take Profit 1: 1.0940
Take Profit 2: 1.0980
Comment:
EUR/USD may enter into short consolidation.
Key levels:
Resistance
Support
1.0980
1.0780
1.0940
1.0760
1.0880
1.0740
EUR/USD, D1
Pivot: 1.0867
Analysis:
While the price is below 1.1030, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.0867
Take Profit 1: 1.0780
Take Profit 2: 1.0630
Alternative scenario:
If the level 1.1030 is broken-out, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.1030
Take Profit 1: 1.1145
Take Profit 2: 1.1230
Comment:
RSI shows a possibility of a downtrend.
Key levels:
Resistance
Support
1.1235
1.0780
1.1145
1.0630
1.1030
1.0490
We also advise you to pay attention to the following currency pairs for intra-day trading:
AUD/USD – buy above 1.0840 with 1.0865 and 1.0880 as Take Profit targets. Alternative scenario - if the level of 1.0840 is broken-down, you should consider selling with the targets 1.0825 and 1.0810 as Take Profit. GBP/USD - long positions above 1.2300 with 1.2385 and 1.2420 targets as Take Profit. Alternative scenario - if the level of 1.2300 is broken-down, sell with the targets 1.2270 and 1.2245 as Take Profit. USD/CAD - sell below 1.4200 with 1.4115 and 1.4065 targets as Take Profit. Alternative scenario - if the level 1.4200 is broken-out, buy with the TP 1.4235 and 1.4265.
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