Source: PaxForex Premium Analytics Portal, Technical Insight
Yellen: As rates remain at historic lows, the smartest thing to do is to pass a massive bailout program:
Called on Congress to act to support the economy;
The former Fed chair emphasized that low rates allow action;
Plans to create a competitive economy to create jobs;
Promises to focus on the needs of American workers;
Will work overtime to create a second bailout package.
EUR/USD, 30 min
Pivot: 1.2144
Analysis:
Provided that the currency pair is traded above 1.2115, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2144
- Take Profit 1: 1.2180
- Take Profit 2: 1.2200
Alternative scenario:
In case of breakdown of the level 1.2115, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2115
- Take Profit 1: 1.2090
- Take Profit 2: 1.2070
Comment:
RSI is bullish and indicates an uptrend within a day.
Key levels:
| Resistance | Support |
| 1.2220 | 1.2115 |
| 1.2200 | 1.2090 |
| 1.2180 | 1.2070 |
EUR/USD, D1
Pivot: 1.2074
Analysis:
While the price is above 1.2000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2074
- Take Profit 1: 1.2215
- Take Profit 2: 1.2345
Alternative scenario:
If the level 1.2000 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2000
- Take Profit 1: 1.1925
- Take Profit 2: 1.1745
Comment:
RSI shows the development of an uptrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2410 | 1.2000 |
| 1.2345 | 1.1925 |
| 1.2215 | 1.1745 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.2745 with 1.2675 and 1.2650 targets as Take Profit. Alternative scenario - if the level 1.2745 is broken-out, buy with the TP 1.2765 and 1.2785.
GBP/USD - long positions above 1.3620 with 1.3700 and 1.3730 targets as Take Profit. Alternative scenario - if the level of 1.3620 is broken-down, sell with the targets 1.3600 and 1.3580 as Take Profit.
AUD/USD – buy above 0.7685 with 0.7770 and 0.7790 as Take Profit targets. Alternative scenario - if the level of 0.7685 is broken-down, you should consider selling with the targets 0.7670 and 0.7655 as Take Profit.
