Source: PaxForex Premium Analytics Portal, Technical Insight
Jens Weidmann, a member of the ECB's Governing Council and head of the Bundesbank, said on Thursday that the ECB should ensure that emergency instruments are not used all the time. It is not the first time Weidmann has expressed concern about the ECB's emergency instruments. Back in December, he said the ECB's latest round of bond purchases risked weakening the market's ability to discipline governments. "We have to be careful. Emergency monetary policy measures should not be used all the time," Weidmann said. - Once the crisis is over, their use should be reduced."
EUR/USD, 30 min
Pivot: 1.2178
Analysis:
Provided that the currency pair is traded below 1.2225, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2178
- Take Profit 1: 1.2160
- Take Profit 2: 1.2135
Alternative scenario:
In case of breakout of the level 1.2225, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2225
- Take Profit 1: 1.2255
- Take Profit 2: 1.2285
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels
| Resistance | Support |
| 1.2285 | 1.2160 |
| 1.2255 | 1.2135 |
| 1.2225 | 1.2115 |
EUR/USD, D1
Pivot: 1.2174
Analysis:
While the price is above 1.2050, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2174
- Take Profit 1: 1.2350
- Take Profit 2: 1.2410
Alternative scenario:
If the level 1.2050 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2050
- Take Profit 1: 1.1925
- Take Profit 2: 1.1745
Comment:
RSI shows the development of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2550 | 1.2050 |
| 1.2410 | 1.1925 |
| 1.2350 | 1.1745 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – buy above 1.2715 with 1.2800 and 1.2825 targets as Take Profit. Alternative scenario - if the level 1.2715 is broken-down, sell with the TP 1.2685 and 1.2660.
GBP/USD - short positions below 1.3545 with 1.3430 and 1.3400 targets as Take Profit. Alternative scenario - if the level of 1.3545 is broken-out, buy with the targets 1.3590 and 1.3630 as Take Profit.
AUD/USD – sell below 0.7745 with 0.7650 and 0.7630 as Take Profit targets. Alternative scenario - if the level of 0.7745 is broken-out, you should consider buying with the targets 0.7770 and 0.7800 as Take Profit.
