Source: PaxForex Premium Analytics Portal, Technical Insight
As ECB head Christine Lagarde said at the 43rd IMFC meeting, the pandemic and related containment measures will continue to have a negative impact on economic activity in the eurozone in the short term. Additional talking points:
- In the medium to long term, activity in the euro area should increase;
- Risks to the eurozone's growth outlook have become more balanced;
- Underlying price pressures are likely to increase somewhat this year;
- PEEP funds will not be fully utilized if favorable financing conditions continue;
- The size of the program may be adjusted.
EUR/USD, 30 min
Pivot: 1.1904
Analysis:
Provided that the currency pair is traded below 1.1925, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1904
- Take Profit 1: 1.1875
- Take Profit 2: 1.1860
Alternative scenario:
In case of breakout of the level 1.1925, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1925
- Take Profit 1: 1.1940
- Take Profit 2: 1.1955
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
Resistance | Support |
1.1955 | 1.1875 |
1.1940 | 1.1860 |
1.1925 | 1.1835 |
EUR/USD, D1
Pivot: 1.1899
Analysis:
While the price is below 1.1950, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1899
- Take Profit 1: 1.1600
- Take Profit 2: 1.1495
Alternative scenario:
If the level 1.1950 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1950
- Take Profit 1: 1.2030
- Take Profit 2: 1.2130
Comment:
RSI shows the development of a downtrend in a medium term.
Key levels:
Resistance | Support |
1.2130 | 1.1600 |
1.2030 | 1.1495 |
1.1950 | 1.1350 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – short positions below 1.2585 with 1.2535 and 1.2520 targets as Take Profit. Alternative scenario - if the level of 1.2585 is broken-out, buy with the targets 1.2660 and 1.2680 as Take Profit.
GBP/USD - sell below 1.3755 with 1.3695 and 1.3675 targets as Take Profit. Alternative scenario - if the level 1.3755 is broken-out, buy with the TP 1.3775 and 1.3795.
AUD/USD – sell below 0.7660 with 0.7610 and 0.7595 targets as Take Profit. Alternative scenario - if the level 0.7660 is broken-out, buy with the TP 0.7675 and 0.7690.