Source: PaxForex Premium Analytics Portal, Technical Insight

According to Reuters, the representative of Greece in the ECB Y. Stournaras said:

• The ECB should accelerate the pace of asset purchases as part of the PEPP anti-crisis program to combat the effects of the pandemic;
• At a meeting on March 11, the Governing Council of the Central Bank should declare the need to combat unjustified tightening of financial conditions;
• At this point, there has been an unjustified tightening of bond yields.

Thus, his remarks can be interpreted as a call to accelerate the pace of QE.

EUR/USD, 30 min

Pivot: 1.2085

Analysis:

Provided that the currency pair is traded below 1.2110, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2085
• Take Profit 1: 1.2060
• Take Profit 2: 1.2040

Alternative scenario: 

In case of breakout of the level 1.2110, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2110
• Take Profit 1: 1.2140
• Take Profit 2: 1.2160

Comment:

RSI is bearish and indicates a downtrend within a day.

Key levels:

EUR/USD, D1

Pivot: 1.2075

Analysis:

While the price is below 1.2190, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.2075
• Take Profit 1: 1.1950
• Take Profit 2: 1.1880

Alternative scenario:

If the level 1.2190 is broken-out, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2190
• Take Profit 1: 1.2270
• Take Profit 2: 1.2345

Comment:

RSI shows the development of a downtrend in a medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

USD/CAD – short positions below 1.2745 with 1.2660 and 1.2620 targets as Take Profit. Alternative scenario - if the level of 1.2745 is broken-out, buy with the targets 1.2780 and 1.2810 as Take Profit.
GBP/USD - buy above 1.3925 with 1.4045 and 1.4085 targets as Take Profit. Alternative scenario - if the level 1.3925 is broken-down, sell with the TP 1.3885 and 1.3860.
AUD/USD – buy above 0.7770 with 0.7800 and 0.7840 targets as Take Profit. Alternative scenario - if the level 0.7770 is broken-down, sell with the TP 0.7675 and 0.7650.