Source: PaxForex Premium Analytics Portal, Technical Insight
EUR/USD has become a victim of increased flight from risks. The pressure on it increased, sending the pair to multi-week lows around 1.1730. The main drivers of such dynamics were the change in the players' attitude towards the dollar, as well as increased fears about a new wave of coronavirus spreading and political uncertainty in the USA.
EUR/USD, 30 min
Pivot: 1.1684
Analysis:
Provided that the currency pair is traded below 1.1720, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1684
- Take Profit 1: 1.1620
- Take Profit 2: 1.1600
Alternative scenario:
In case of breakout of the level 1.1720, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1720
- Take Profit 1: 1.1750
- Take Profit 2: 1.1775
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
Resistance | Support |
1.1775 | 1.1620 |
1.1750 | 1.1600 |
1.1720 | 1.1570 |
EUR/USD, D1
Pivot: 1.1690
Analysis:
While the price is below 1.1700, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1690
- Take Profit 1: 1.1490
- Take Profit 2: 1.1380
Alternative scenario:
If the level 1.1700 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1700
- 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 | 1.1490 |
1.2015 | 1.1380 |
1.1700 | 1.1200 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – buy above 1.3290 with 1.3340 and 1.3370 targets as Take Profit. Alternative scenario - if the level 1.3290 is broken-down, sell with the TP 1.3270 and 1.3245.
GBP/USD - short positions below 1.2765 with 1.2675 and 1.2645 targets as Take Profit. Alternative scenario - if the level of 1.2765 is broken-out, buy with the targets 1.2800 and 1.2825 as Take Profit.
AUD/USD – sell below 0.7175 with 0.7110 and 0.7080 as Take Profit targets. Alternative scenario - if the level of 0.7175 is broken-out, you should consider buying with the targets 0.7210 and 0.7235 as Take Profit.