Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. plans to introduce new tariffs on goods from the EU and Britain for $3.1 billion. Among the goods that are planned to impose tariffs, such as olives, beer, gin and trucks, and other goods. The news increased fears of further escalation of tensions between the parties and increased demand for the dollar.

EUR/USD, 30 min

Pivot: 1.1272

Analysis:

Provided that the currency pair is traded below 1.1275, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.1272
• Take Profit 1: 1.1220
• Take Profit 2: 1.1190

Alternative scenario: 

In case of breakout of the level 1.1275, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.1275
• Take Profit 1: 1.3000
• Take Profit 2: 1.1325

Comment:

RSI is bullish and indicates a further decrease.

Key levels:

EUR/USD, D1

Pivot: 1.1280

Analysis:

While the price is above 1.1100, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.1280
• Take Profit 1: 1.1420
• Take Profit 2: 1.1495

Alternative scenario:

If the level 1.1100 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1100
• Take Profit 1: 1.1000
• Take Profit 2: 1.0870

Comment:

RSI shows the possibility of an uptrend with a medium-term period.

Key levels:

We also advise you to pay attention to the following currency pairs for intra-day trading:

AUD/USD – sell below 0.6890 with 0.6845 and 0.6825 as Take Profit targets. Alternative scenario - if the level of 0.6890 is broken-down, you should consider buying with the targets 0.6920 and 0.6945 as Take Profit.
GBP/USD - short positions below 1.2435 with 1.2390 and 1.2360 targets as Take Profit. Alternative scenario - if the level of 1.2435 is broken-out, buy with the targets 1.2465 and 1.2505 as Take Profit.
USD/CAD – buy above 1.3620 with 1.3655 and 1.3680 targets as Take Profit. Alternative scenario - if the level 1.3620 is broken-down, sell with the TP 1.3600 and 1.3580.