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:

1. Deteriorating relations between the US and China;

2. Fiscal support;

3. 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:

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:

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.