Source: PaxForex Premium Analytics Portal, Technical Insight
According to ECB Chief Economist P. Lane:
- The eurozone economy will be able to recover to its pre-pandemic levels by the spring of 2022;
- The road to recovery will be long;
- However, the economy will show rapid growth;
- Fiscal and monetary policy measures are still needed to support the recovery.
EUR/USD, 30 min
Pivot: 1.2147
Analysis:
Provided that the currency pair is traded above 1.2125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2147
- Take Profit 1: 1.2160
- Take Profit 2: 1.2180
Alternative scenario:
In case of breakdown of the level 1.2125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2125
- Take Profit 1: 1.2100
- Take Profit 2: 1.2070
Comment:
RSI is bullish and indicates an uptrend within a day.
Key levels:
| Resistance | Support |
| 1.2200 | 1.2125 |
| 1.2180 | 1.2100 |
| 1.2160 | 1.2070 |
EUR/USD, D1
Pivot: 1.2172
Analysis:
While the price is above 1.1945, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2172
- Take Profit 1: 1.2350
- Take Profit 2: 1.2450
Alternative scenario:
If the level 1.1945 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1945
- Take Profit 1: 1.1830
- Take Profit 2: 1.1700
Comment:
RSI shows the development of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2550 | 1.1945 |
| 1.2450 | 1.1830 |
| 1.2350 | 1.1700 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – short positions below 1.2120 with 1.2055 and 1.2040 targets as Take Profit. Alternative scenario - if the level of 1.2120 is broken-out, buy with the targets 1.2140 and 1.2160 as Take Profit.
GBP/USD - buy above 1.4105 with 1.4180 and 1.4200 targets as Take Profit. Alternative scenario - if the level 1.4105 is broken-down, sell with the TP 1.4080 and 1.4050.
AUD/USD – sell below 0.7860 with 0.7800 and 0.7775 targets as Take Profit. Alternative scenario - if the level 0.7860 is broken-out, buy with the TP 0.7875 and 0.7890.
