Source: PaxForex Premium Analytics Portal, Technical Insight

The U.S. stock market closed trading on Wednesday at record levels amid investors' hopes for progress in developing tests and a vaccine against coronavirus. The Dow Jones Industrial Average Index rose 454.84 points (1.59%) to 29100.50 points, ending the day at 1.5% below its record high of 29551.42 on February 12.

Dow Jones Index, 30 min 

Pivot: 29145.00

Analysis:

Provided that the currency pair is traded above 28000.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: long position
• Entry point: 29145.00
• Take Profit 1: 29300.00
• Take Profit 2: 29500.00

Alternative scenario: 

In case of breakdown of the level 28000.00, follow the recommendations below:

• Time frame: 30 min
• Recommendation: short position
• Entry point: 28000.00
• Take Profit 1: 28660.00
• Take Profit 2: 28290.00

Comment:

RSI indicates an uptrend during the day.

Key levels:

Dow Jones Index, D1

Pivot: 28563.00

Analysis:

While the price is above 27000.00, follow the recommendations below:

• Time frame: D1
• Recommendation: long position
• Entry point: 28563.00
• Take Profit 1: 29550.00
• Take Profit 2: 31140.00

Alternative scenario:

If the level 27000.00 is broken-down, follow the recommendations below.

• Time frame: D1
• Recommendation: short position
• Entry point: 27000.00
• Take Profit 1: 25950.00
• Take Profit 2: 24800.00

Comment:

RSI is bullish and indicates further growth.

Key levels: