Source: PaxForex Premium Analytics Portal, Technical Insight
As ECB head C. Lagarde said during her speech on the authorities' response to the pandemic:
Monetary policy cannot be as targeted and point-based as fiscal policy measures;
Fiscal policy becomes crucial when the service sector is under attack;
The coordination of fiscal and monetary policies has proved very useful;
At the time of publication, Lagarde mainly talks about the coronavirus crisis and does not yet touch upon the issues of further ECB monetary policy.
EUR/USD, 30 min
Pivot: 1.1956
Analysis:
Provided that the currency pair is traded above 1.1935, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1956
- Take Profit 1: 1.1975
- Take Profit 2: 1.2000
Alternative scenario:
In case of breakdown of the level 1.1935, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1935
- Take Profit 1: 1.1920
- Take Profit 2: 1.1900
Comment:
RSI is bullish and indicates an uptrend within a day.
Key levels:
| Resistance | Support |
| 1.2200 | 1.1935 |
| 1.2000 | 1.1920 |
| 1.1975 | 1.1900 |
EUR/USD, D1
Pivot: 1.1966
Analysis:
While the price is above 1.1810, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1966
- Take Profit 1: 1.2015
- Take Profit 2: 1.2150
Alternative scenario:
If the level 1.1810 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1810
- Take Profit 1: 1.1710
- Take Profit 2: 1.1605
Comment:
RSI shows the development of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2300 | 1.1810 |
| 1.2150 | 1.1710 |
| 1.2015 | 1.1605 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.3010 with 1.2940 and 1.2920 targets as Take Profit. Alternative scenario - if the level 1.3010 is broken-out, buy with the TP 1.3025 and 1.3040.
GBP/USD - long positions above 1.3330 with 1.3395 and 1.3425 targets as Take Profit. Alternative scenario - if the level of 1.3330 is broken-down, buy with the targets 1.3305 and 1.3285 as Take Profit.
AUD/USD – buy above 0.7335 with 0.7405 and 0.7420 as Take Profit targets. Alternative scenario - if the level of 0.7335 is broken-down, you should consider selling with the targets 0.7320 and 0.7300 as Take Profit.
