Source: PaxForex Premium Analytics Portal, Technical Insight
According to ECB representative L. De Gindos, the latest macroeconomic data indicate the loss of the recovery momentum in the euro area:
European states have been hit by the second wave of coronavirus;
It does not seem that states have sought to impose the same stringent quarantine measures as in March.
EUR/USD, 30 min
Pivot: 1.1848
Analysis:
Provided that the currency pair is traded above 1.1815, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1848
- Take Profit 1: 1.1870
- Take Profit 2: 1.1890
Alternative scenario:
In case of breakdown of the level 1.1815, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1815
- Take Profit 1: 1.1800
- Take Profit 2: 1.1780
Comment:
RSI is bullish and indicates an uptrend within a day.
Key levels:
Resistance | Support |
1.1900 | 1.1815 |
1.1890 | 1.1800 |
1.1870 | 1.1780 |
EUR/USD, D1
Pivot: 1.1800
Analysis:
While the price is below 1.1850, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1800
- Take Profit 1: 1.1610
- Take Profit 2: 1.1500
Alternative scenario:
If the level 1.1850 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1850
- Take Profit 1: 1.2015
- Take Profit 2: 1.2150
Comment:
RSI shows the continuation of a downtrend in a medium term.
Key levels:
Resistance | Support |
1.2150 | 1.1610 |
1.2015 | 1.1500 |
1.1850 | 1.1420 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.3130 with 1.3070 and 1.3050 targets as Take Profit. Alternative scenario - if the level 1.3130 is broken-out, buy with the TP 1.3145 and 1.3170.
GBP/USD - long positions above 1.2935 with 1.3000 and 1.3025 targets as Take Profit. Alternative scenario - if the level of 1.2935 is broken-down, sell with the targets 1.2910 and 1.2895 as Take Profit.
AUD/USD – buy above 0.7045 with 0.7115 and 0.7145 as Take Profit targets. Alternative scenario - if the level of 0.7045 is broken-down, you should consider selling with the targets 0.7020 and 0.7000 as Take Profit.