Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/USD growth has stopped, and now the pair has entered the correction phase. The dollar has several catalysts for continuing growth:
Deteriorating relations between the US and China;
Fiscal support;
Europe is losing its advantage against the coronavirus.
EUR/USD, 30 min
Pivot: 1.1750
Analysis:
Provided that the currency pair is traded below 1.1765, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1750
- Take Profit 1: 1.1720
- Take Profit 2: 1.1695
Alternative scenario:
In case of breakdown of the level 1.1765, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1765
- Take Profit 1: 1.1790
- Take Profit 2: 1.1820
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
| Resistance | Support |
| 1.1820 | 1.1720 |
| 1.1790 | 1.1695 |
| 1.1765 | 1.1675 |
EUR/USD, D1
Pivot: 1.1780
Analysis:
While the price is above 1.1490, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1780
- Take Profit 1: 1.2000
- Take Profit 2: 1.2150
Alternative scenario:
If the level 1.1490 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1490
- Take Profit 1: 1.1380
- Take Profit 2: 1.1250
Comment:
RSI shows the possibility of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2300 | 1.1490 |
| 1.2150 | 1.1380 |
| 1.2000 | 1.1250 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.3360 with 1.3295 and 1.3280 targets as Take Profit. Alternative scenario - if the level 1.3360 is broken-out, buy with the TP 1.3380 and 1.3395.
GBP/USD - long positions above 1.3060 with 1.3110 and 1.3130 targets as Take Profit. Alternative scenario - if the level of 1.3060 is broken-down, sell with the targets 1.3040 and 1.3015 as Take Profit.
AUD/USD – buy above 0.7145 with 0.7210 and 0.7225 as Take Profit targets. Alternative scenario - if the level of 0.7145 is broken-down you should consider selling with the targets 0.7125 and 0.7105 as Take Profit.
