Source: PaxForex Premium Analytics Portal, Technical Insight

According to Chief Economist of the ECB F. Lane, the Central Bank is ready to use all options to revive the economy after coronavirus shock. The ECB will do everything not to make the current situation worse with the credit crisis. Answering the question about the possibility of a reduction in rates: the PEPP asset purchase program has proven to be extremely effective in the current climate of uncertainty.

EUR/USD, 30 min

Pivot: 1.1334

Analysis:

Provided that the currency pair is traded above 1.1300, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.1334
• Take Profit 1: 1.1365
• Take Profit 2: 1.1390

Alternative scenario: 

In case of breakdown of the level 1.1300, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.1300
• Take Profit 1: 1.1270
• Take Profit 2: 1.1240

Comment:

RSI is bullish and indicates a further decrease.

Key levels:

EUR/USD, D1

Pivot: 1.1245

Analysis:

While the price is above 1.1100, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1245
• Take Profit 1: 1.1440
• Take Profit 2: 1.1565

Alternative scenario:

If the level 1.1100 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1100
• Take Profit 1: 1.1000
• Take Profit 2: 1.0870

Comment:

RSI shows the possibility of an uptrend with a medium-term period.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – buy above 0.6915 with 0.6985 and 0.7020 as Take Profit targets. Alternative scenario - if the level of 0.6915 is broken-down, you should consider selling with the targets 0.6870 and 0.6820 as Take Profit.
GBP/USD - long positions above 1.2610 with 1.2705 and 1.2750 targets as Take Profit. Alternative scenario - if the level of 1.2610 is broken-down, sell with the targets 1.2705 and 1.2750 as Take Profit.
USD/CAD – sell below 1.3585 with 1.3480 and 1.3440 targets as Take Profit. Alternative scenario - if the level 1.3585 is broken-out, buy with the TP 1.3615 and 1.3655.