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:

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:

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.