Source: PaxForex Premium Analytics Portal, Technical Insight

The ECB decided to leave the main refinancing rate at 0.00%, the marginal lending rate at 0.25%, and the deposit rate at -0.50%. The ECB also announced a decision to increase the Pandemic Emergency Purchase Program (PEPP) package by €500 billion to €1,850 billion. The bank also extended the PEPP net purchases until at least the end of March 2022:

• Expanded the window for the minimum TLTRO rate;

• Extended the timing of collateral relief from April to June 2022;

• QE program retained at €20bn per month.

EUR/USD, 30 min

Pivot: 1.2156

Analysis:

Provided that the currency pair is traded above 1.2120, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2156
• Take Profit 1: 1.2175
• Take Profit 2: 1.2210

Alternative scenario: 

In case of breakdown of the level 1.2120, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2120
• Take Profit 1: 1.2100
• Take Profit 2: 1.2080

Comment:

RSI is bullish and indicates an uptrend within a day.

Key levels

EUR/USD, D1

Pivot: 1.2095

Analysis:

While the price is above 1.1880, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2095
• Take Profit 1: 1.2300
• Take Profit 2: 1.2410

Alternative scenario:

If the level 1.1880 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1880
• Take Profit 1: 1.1745
• Take Profit 2: 1.1605

Comment:

RSI shows the development 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 1.2770 with 1.2670 and 1.2650 targets as Take Profit. Alternative scenario - if the level 1.2770 is broken-out, buy with the TP 1.2790 and 1.2810.
GBP/USD - long positions above 1.3270 with 1.3360 and 1.3390 targets as Take Profit. Alternative scenario - if the level of 1.3270 is broken-down, buy with the targets 1.3245 and 1.3225 as Take Profit.
AUD/USD – buy above 0.7520 with 0.7615 and 0.7650 as Take Profit targets. Alternative scenario - if the level of 0.7520 is broken-down, you should consider selling with the targets 0.7485 and 0.7450 as Take Profit.