The main driver for markets will continue to be COVID-19 news, which will still influence the overall risk sentiment of global markets. Liquidity and volatility indicators will also remain important trading factors. In terms of macroeconomics, this week the U.S. will publish the NFP Labor Market Report and ISM Productivity Index. The results of these reports will already include the catastrophic impact of the coronavirus.
EUR/USD, 30 min
Pivot: 1.1020
Analysis:
Provided that the currency pair is traded below 1.1060, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 1.1020
Take Profit 1: 1.0980
Take Profit 2: 1.0950
Alternative scenario:
In case of breakdown of the level 1.1020, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 1.1020
Take Profit 1: 1.1105
Take Profit 2: 1.1145
Comment:
EUR/USD during the day: the key resistance level is 1.1060. RSI is directed negatively.
Key levels:
Resistance
Support
1.1145
1.0980
1.1105
1.0950
1.1060
1.0925
EUR/USD, D1
Pivot: 1.1060
Analysis:
While the price is below 1.1195, follow the recommendations below:
Time frame: D1
Recommendation: short position
Entry point: 1.1060
Take Profit 1: 1.0970
Take Profit 2: 1.0770
Alternative scenario:
If the level 1.1195 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: long position
Entry point: 1.1195
Take Profit 1: 1.1370
Take Profit 2: 1.1490
Comment:
EUR/USD starts its medium-term downward movement. The asset may decline by 235 pips.
Key levels:
Resistance
Support
1.1490
1.0970
1.1370
1.0770
1.1195
1.0650
We also advise you to pay attention to the following currency pairs for intra-day trading:
GBP/USD – sell below 1.2420 with 1.2275 and 1.2200 as Take Profit targets. Alternative scenario - if the level of 1.2420 is broken-down, you should consider buying with the targets 1.2480 and 1.2525 as Take Profit. EUR/JPY - long positions below 119.03 with 120.48 and 120.87 targets as Take Profit. Alternative scenario - if the level of 119.03 is broken-down, sell with the targets 118.37 and 117.98 as Take Profit. EUR/GBP - buy above 0.8887 with 0.9004 and 0.9036 targets as Take Profit. Alternative scenario - if the level 0. 8887 is broken-down, sell with the TP 0.8834 and 0.8802.
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