EUR/USD | Euro to US Dollar Trading Analysis
EUR/USD | Euro to US Dollar Trading Analysis
Source: PaxForex Premium Analytics Portal, Technical Insight
"In light of the current inflation forecast, we need to remain vigilant and carefully evaluate the information coming in, including exchange rate changes," said Fabio Panetta, member of the Executive Board of the European Central Bank (ECB) on Tuesday.
EUR/USD, 30 min
Pivot: 1.1847
Analysis:
Provided that the currency pair is traded below 1.1855, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1847
- Take Profit 1: 1.1825
- Take Profit 2: 1.1810
Alternative scenario:
In case of breakout of the level 1.1855, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1855
- Take Profit 1: 1.1870
- Take Profit 2: 1.1885
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
| Resistance | Support |
| 1.1885 | 1.1825 |
| 1.1870 | 1.1810 |
| 1.1855 | 1.1795 |
EUR/USD, D1
Pivot: 1.1842
Analysis:
While the price is above 1.1700, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1842
- Take Profit 1: 1.2015
- Take Profit 2: 1.2150
Alternative scenario:
If the level 1.1700 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1700
- Take Profit 1: 1.1490
- Take Profit 2: 1.1380
Comment:
RSI shows the continuation of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2300 | 1.1700 |
| 1.2150 | 1.1490 |
| 1.2015 | 1.1380 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.3200 with 1.3150 and 1.3130 targets as Take Profit. Alternative scenario - if the level 1.3200 is broken-out, buy with the TP 1.3215 and 1.3230.
GBP/USD - short positions below 1.2925 with 1.2870 and 1.2840 targets as Take Profit. Alternative scenario - if the level of 1.2925 is broken-out, buy with the targets 1.2975 and 1.3030 as Take Profit.
AUD/USD – buy above 0.7290 with 0.7340 and 0.7360 as Take Profit targets. Alternative scenario - if the level of 0.7290 is broken-down, you should consider selling with the targets 0.7265 and 0.7245 as Take Profit.