Source: PaxForex Premium Analytics Portal, Technical Insight
As reported last night by the President of the Richmond Federal Reserve Bank T. Barkin:
The next few months will be difficult for people; governments are adapting to the growing risks associated with the virus;
The news about the vaccine are very positive for the business community, which can start planning investments;
Every new month of buying assets means additional stimulus and more support for the economy;
When asked about the new stimulus measures: "Let's see how things go further."
EUR/USD, 30 min
Pivot: 1.1850
Analysis:
Provided that the currency pair is traded below 1.1860, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1850
- Take Profit 1: 1.1830
- Take Profit 2: 1.1820
Alternative scenario:
In case of breakout of the level 1.1860, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1860
- Take Profit 1: 1.1875
- Take Profit 2: 1.1890
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
Resistance | Support |
1.1890 | 1.1830 |
1.1875 | 1.1820 |
1.1860 | 1.1800 |
EUR/USD, D1
Pivot: 1.1882
Analysis:
While the price is above 1.1605, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1882
- Take Profit 1: 1.2015
- Take Profit 2: 1.2150
Alternative scenario:
If the level 1.1605 is broken-down, follow the recommendations below.
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1605
- Take Profit 1: 1.1450
- Take Profit 2: 1.1330
Comment:
RSI shows the development of an uptrend in a medium term.
Key levels:
Resistance | Support |
1.2300 | 1.1605 |
1.2150 | 1.1450 |
1.2015 | 1.1330 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – buy above 1.3060 with 1.3140 and 1.3170 targets as Take Profit. Alternative scenario - if the level 1.23060 is broken-down, sell with the TP 1.3030 and 1.3000.
GBP/USD - short positions below 1.3260 with 1.3190 and 1.3165 targets as Take Profit. Alternative scenario - if the level of 1.3260 is broken-out, buy with the targets 1.3290 and 1.3310 as Take Profit.
AUD/USD – sell below 0.7310 with 0.7250 and 0.7235 as Take Profit targets. Alternative scenario - if the level of 0.7310 is broken-out, you should consider buying with the targets 0.7330 and 0.7340 as Take Profit.