Source: PaxForex Premium Analytics Portal, Technical Insight
Commenting on yesterday's Fed verdict on monetary policy, Oxford Economics analysts write:
Powell made it clear that the FOMC would rather err on the side of a slower unwinding of accommodation than risk unwinding it too hastily;
High levels of uncertainty about the pandemic persist;
The economy and labor market are still far from full recovery;
The central bank seeks to avoid a repeat of market fever in anticipation of a rollback, which could cause long-term rates to rise.
EUR/USD, 30 min
Pivot: 1.2100
Analysis:
Provided that the currency pair is traded below 1.2125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2125
- Take Profit 1: 1.2065
- Take Profit 2: 1.2055
Alternative scenario:
In case of breakout of the level 1.2125, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2125
- Take Profit 1: 1.2140
- Take Profit 2: 1.2155
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
| Resistance | Support |
| 1.2155 | 1.2085 |
| 1.2140 | 1.2065 |
| 1.2125 | 1.2050 |
EUR/USD, D1
Pivot: 1.2149
Analysis:
While the price is above 1.2000, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2149
- 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 – buy above 1.2820 with 1.2915 and 1.2930 targets as Take Profit. Alternative scenario - if the level 1.2820 is broken-down, sell with the TP 1.2790 and 1.2765.
GBP/USD - short positions below 1.3740 with 1.3655 and 1.3630 targets as Take Profit. Alternative scenario - if the level of 1.3740 is broken-out, sell with the targets 1.3760 and 1.3780 as Take Profit.
AUD/USD – sell below 0.7680 with 0.7590 and 0.7570 as Take Profit targets. Alternative scenario - if the level of 0.7680 is broken-out, you should consider buying with the targets 0.7700 and 0.7725 as Take Profit.
