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:

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:

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.