Source: PaxForex Premium Analytics Portal, Technical Insight

According to Reuters, ECB head C. Lagarde said today that it is too early to say that the worst economic effects of the coronavirus crisis are behind us:

• Downside risks remain;
• There is light at the end of the tunnel, as vaccination is gaining momentum;
• By the end of June, 70% of the eurozone population should have completed the first round of vaccinations;
• We may see a robust economic recovery in the 2nd half of the year.

EUR/USD, 30 min

Pivot: 1.2135

Analysis:

Provided that the currency pair is traded above 1.2100, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 1.2135
• Take Profit 1: 1.2155
• Take Profit 2: 1.2180

Alternative scenario: 

In case of breakdown of the level 1.2100, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 1.2100
• Take Profit 1: 1.2080
• Take Profit 2: 1.2055

Comment:

RSI is bullish and indicates an uptrend within a day.

Key levels:

EUR/USD, D1

Pivot: 1.2130

Analysis:

While the price is above 1.1920, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 1.2130
• Take Profit 1: 1.2240
• Take Profit 2: 1.2340

Alternative scenario:

If the level 1.1920 is broken-down, follow the recommendations below:

• Time frame: D1
• Recommendation: short position
• Entry point: 1.1920
• Take Profit 1: 1.1830
• Take Profit 2: 1.1700

Comment:

RSI shows the development of an uptrend in a medium term.

Key levels:

We also advise you to pay attention to the following currency pairs for intraday trading:

USD/CAD – short positions below 1.2335 with 1.2255 and 1.2230 targets as Take Profit. Alternative scenario - if the level of 1.2335 is broken-out, buy with the targets 1.2370 and 1.2400 as Take Profit.
GBP/USD - buy above 1.3925 with 1.4000 and 1.4020 targets as Take Profit. Alternative scenario - if the level 1.3925 is broken-down, sell with the TP 1.3890 and 1.3860.
AUD/USD – buy above 0.7770 with 0.7820 and 0.7840 targets as Take Profit. Alternative scenario - if the level 0.7770 is broken-down, sell with the TP 0.7755 and 0.7735.