Source: PaxForex Premium Analytics Portal, Technical Insight
As stated by a member of the Governing Council of the ECB V. Vasiliauskas:
- The QE program may be maintained for some time even after the coronavirus crisis is over;
- There is no need to review the current volume of asset purchases under the PEPP program;
- Insufficient stimulus carries greater risks than excessive stimulus;
- Doesn't think the ECB can afford an abrupt change of policy course.
EUR/USD, 30 min
Pivot: 1.1707
Analysis:
Provided that the currency pair is traded below 1.1730, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.1707
- Take Profit 1: 1.1695
- Take Profit 2: 1.1680
Alternative scenario:
In case of breakout of the level 1.1730, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.1730
- Take Profit 1: 1.1745
- Take Profit 2: 1.1760
Comment:
RSI is bearish and indicates a downtrend within a day.
Key levels:
| Resistance | Support |
| 1.1760 | 1.1695 |
| 1.1745 | 1.1680 |
| 1.1730 | 1.1660 |
EUR/USD, D1
Pivot: 1.1782
Analysis:
While the price is below 1.1950, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.1782
- Take Profit 1: 1.1600
- Take Profit 2: 1.1495
Alternative scenario:
If the level 1.1950 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1950
- Take Profit 1: 1.2030
- Take Profit 2: 1.2130
Comment:
RSI shows the development of a downtrend in a medium term.
Key levels:
| Resistance | Support |
| 1.2130 | 1.1600 |
| 1.2030 | 1.1495 |
| 1.1950 | 1.1350 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – short positions below 1.2640 with 1.2580 and 1.2560 targets as Take Profit. Alternative scenario - if the level of 1.2640 is broken-out, buy with the targets 1.2660 and 1.2680 as Take Profit.
GBP/USD - sell below 1.3750 with 1.3675 and 1.3650 targets as Take Profit. Alternative scenario - if the level 1.3750 is broken-out, buy with the TP 1.3780 and 1.3805.
AUD/USD – buy above 0.7585 with 0.7640 and 0.7660 targets as Take Profit. Alternative scenario - if the level 0.7585 is broken-down, sell with the TP 0.7570 and 0.7560.
