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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 13, 2020

EUR/USD: euro remains under pressure 13 February 2020, 09:02


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.0905
Take Profit 1.0970, 1.1000
Stop Loss 1.0850, 1.0837
Key Levels 1.0800, 1.0837, 1.0864, 1.0900, 1.0924, 1.0940, 1.0970
Alternative scenario
Recommendation SELL STOP
Entry Point 1.0860
Take Profit 1.0800
Stop Loss 1.0900
Key Levels 1.0800, 1.0837, 1.0864, 1.0900, 1.0924, 1.0940, 1.0970
Current trend
Today, during the Asian session, the EUR/USD pair is slightly falling, trading near record lows since May 2017, renewed yesterday. EUR is under pressure amid rising market concerns about a possible ECB intervention in monetary policy. The regulator is under intense political pressure, which, together with poor macroeconomic statistics and increased trade confrontation with the UK, could lead to lower interest rates in early spring. Wednesday’s EU Industrial Production for December fell by 2.1% MoM and 4.1% YoY, which was significantly worse than market expectations of –1.6% MoM and –2.3 % YoY On Thursday, investors are focused on German consumer inflation data. The market expects prices to fall by 0.6% MoM for January and maintain the previous growth rate of +1.7% YoY. The most important statistics for the week will be Friday's publications on the dynamics of GDP in Germany and the EU.
Support and resistance
On the daily chart, Bollinger bands steadily decline. The price range narrows but not as fast as the "bearish" moods develop. MACD falls, maintaining a strong sell signal (the histogram is below the signal line). Stochastic stays near the zero line for several days, indicating that EUR is strongly oversold in the ultra-short term.
It is better to wait until the signals are clear before opening new positions and keep a part of the current short for some time.
Resistance levels: 1.0900, 1.0924, 1.0940, 1.0970.
Support levels: 1.0864, ​​1.0837, 1.0800.


Trading tips
Long positions may be opened after a rebound from 1.0864 and a breakout of 1.0900 with the target at 1.0970 or 1.1000. Stop loss – 1.0850–1.0837. Implementation period: 2–3 days.
Short positions may be opened after the breakdown of 1.0864 with the target at 1.0800. Stop loss – 1.0900. Implementation period: 1–2 days.

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