Source: PaxForex Premium Analytics Portal, Technical Insight
German Central Bank governor and ECB Governing Council member J. Weidmann said in an interview for a German newspaper Weidmann:
We expect Germany's debt burden during the pandemic to be lower than it was during the 2008 financial crisis;
Does not think that the second wave of the coronavirus will cause more damage than the first wave;
Emergency fiscal support measures taken by the German government should be withdrawn immediately after the end of the coronavirus crisis;
Governments should not expect central banks to keep interest rates low forever;
Price pressures in the eurozone may remain weak in the coming years;
It may take time to change course in rate polling;
Governments must be prepared to raise rates;
The outlook for the economy will depend on how the coronavirus situation develops after lockdowns are lifted.
EUR/USD, 30 min
Pivot: 1.2293
Analysis:
Provided that the currency pair is traded above 1.2275, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2293
- Take Profit 1: 1.2320
- Take Profit 2: 1.2340
Alternative scenario:
In case of breakdown of the level 1.2275, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2275
- Take Profit 1: 1.2255
- Take Profit 2: 1.2235
Comment:
RSI is bearish and indicates an uptrend within a day.
Key levels:
| Resistance | Support |
| 1.2360 | 1.2275 |
| 1.2340 | 1.2255 |
| 1.2320 | 1.2235 |
EUR/USD, D1
Pivot: 1.2295
Analysis:
While the price is above 1.2050, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2295
- Take Profit 1: 1.2410
- Take Profit 2: 1.2550
Alternative scenario:
If the level 1.2050 is broken-down, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2050
- 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 |
| 1.2720 | 1.2050 |
| 1.2550 | 1.1925 |
| 1.2410 | 1.1745 |
We also advise you to pay attention to the following currency pairs for intraday trading:
USD/CAD – sell below 1.2775 with 1.2730 and 1.2700 targets as Take Profit. Alternative scenario - if the level 1.2775 is broken-out, buy with the TP 1.2805 and 1.2830.
GBP/USD - long positions above 1.3600 with 1.3650 and 1.3670 targets as Take Profit. Alternative scenario - if the level of 1.3600 is broken-down, sell with the targets 1.3570 and 1.3530 as Take Profit.
AUD/USD – buy above 0.7670 with 0.7725 and 0.7740 as Take Profit targets. Alternative scenario - if the level of 0.7670 is broken-down, you should consider selling with the targets 0.7645 and 0.7625 as Take Profit.
