Daily Trading Analysis 04.05.2020

Technical & Fundamental analysis

Trading Analysis EUR/USD The ECB's announcement of PELTRO (Long Term Refinancing Operations to Help in the Pandemic) gave hope, but hardly caused the rally. The Euro rose on the back of the dollar falling at the end of the month and managed to hold most of its positions. As for the ECB, its new lending schemes should help the most affected European economies, but players were more likely to hear that the bank is expanding its bond buying program. Head of the ECB Lagarde reiterated that the situation is very serious and added that production may decline by 15% in Q2 and by 12% in 2020. Our Analysis: Provided that the currency pair is traded below 1.0975, follow the recommendations below: Time frame: 30 min Recommendation: short position Entry point: 1.0937 Take Profit 1: 1.0920 Take Profit 2: 1.0900 Alternative scenario: In case of breakout of the level 1. 0975, follow the recommendations below: Time frame: 30 min Recommendation: long position Entry point: 1. 0975 Take Profit 1: 1.0990 Take Profit 2: 1.1015 Learn More Trading Analysis of American Express This week is expected to be negative for shareholders of American Express Company (NYSE: AXP), analysts make a significant negative revision in their forecasts for this year. Both earnings and EPS were sharply reduced as analysts took into account the latest business forecasts, concluding that they were previously too optimistic. Over the last 7 days, EPS rose 6.2% to $88.32 per share. Our Analysis: Provided that the asset is traded above 85.75, follow the recommendations below: Time frame: H4 Recommendation: long position Entry point: 88.01 Take Profit 1: 91.85 Take Profit 2: 96.40 Alternative scenario: In case of breakdown of the level 85.75, follow the recommendations below: The timeframe: H4 Recommendation: short position Entry point: 85.75 Take Profit 1: 78.80 Take Profit 2: 72.00 Learn More Trading Analysis of EUR/USD The Spanish Markit Services PMI for April was reported at 30.8. Economists predicted a figure of 34.0. Forex traders can compare this to the Spanish Markit Services PMI for March, which was reported at 45.7. The Italian Markit/ADACI Manufacturing PMI for April was reported at 31.1. Economists predicted a figure of 30.0. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for March, which was reported at 40.3. The Final French Markit Manufacturing PMI for April was reported at 31.5. Economists predicted a figure of 31.5. Forex traders can compare this to the French Markit Manufacturing PMI for March, which was reported at 43.2. Our Analysis: Should price action for the EUR/USD remain inside the or breakout above the 1.0900 to 1.0975 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.0945 Take Profit Zone: 1.1395 – 1.1495 Stop Loss Level: 1.0890 Alternative scenario: Should price action for the EUR/USD breakdown below 1.0900 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.0875 Take Profit Zone: 1.0690 – 1.0725 Stop Loss Level: 1.0900 Learn More ‌ ‌ ‌ ‌ ‌ Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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