Source: PaxForex Premium Analytics Portal, Technical Insight

In today's Asian trading, the euro has moved downwards against the US dollar in anticipation of the European Central Bank (ECB) meeting. Many economists believe that ECB chairman Christine Lagarde at a meeting on Thursday will announce the expansion of the Pandemic Emergency Purchase Programme (PEPP) bonds worth 750 billion euros, launched in March. As noted by Bloomberg, analysts expect to increase the volume of the program by € 500 billion. Thus, the volume of all asset buyback programs this year will reach a record of €1.6 trillion.

EUR/USD, 30 min

Pivot: 1.1201

Analysis:

Provided that the currency pair is traded below 1.1230, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.1201
• Take Profit 1: 1.1180
• Take Profit 2: 1.1160

Alternative scenario: 

In case of breakout of the level 1.1230, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.1230
• Take Profit 1: 1.1260
• Take Profit 2: 1.1280

Comment:

RSI is bearish and indicates further decrease.

Key levels:

EUR/USD, D1

Pivot: 1.1214

Analysis:

While the price is above 1.0870, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1214
• Take Profit 1: 1.1345
• Take Profit 2: 1.1440

Alternative scenario:

If the level 1.0870 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 1.0870
• Take Profit 1: 1.0725
• Take Profit 2: 1.0630

Comment:

RSI shows the possibility of an uptrend in the medium-term. 

Key levels: