Daily Trading Analysis 24.03.2020

Technical & Fundamental analysis

Trading Analysis GBP/USD The UK, following a number of European countries, limits freedom of movement for three weeks in order to combat the spread of coronavirus. Residents of the kingdom will be able to leave their homes only to buy basic necessities, see a doctor and do individual sports. Our Analysis: Provided that the currency pair is traded above 1.1570, follow the recommendations below: The timeframe: 30 min Recommendation: long position Entry point: 1.1630 Take Profit 1: 1.1665 Take Profit 2: 1.1715 Alternative scenario: In case of breakdown of the level 1.1570, follow the recommendations below: The timeframe: 30 min Recommendation: short position Entry point: 1.1570 Take Profit 1: 1.1500 Take Profit 2: 1.1445 Learn More Trading Analysis of EUR/USD The Preliminary French Markit Manufacturing PMI for March was reported at 42.9. Economists predicted a figure of 40.0. Forex traders can compare this to the French Markit Manufacturing PMI for February, which was reported at 49.8.  Our Analysis: Should price action for the EUR/USD remain inside the or breakout above the 1.0775 to 1.0875 zone the following trade set-up is recommended: Timeframe: D1 Recommendation: Long Position Entry Level: Long Position @ 1.0825 Take Profit Zone: 1.1185 – 1.1240 Stop Loss Level: 1.0725 Alternative scenario:  Should price action for the EUR/USD breakdown below 1.0775 the following trade set-up is recommended: Timeframe: D1 Recommendation: Short Position Entry Level: Short Position @ 1.0725 Take Profit Zone: 1.0490 – 1.0570 Stop Loss Level: 1.0775 Learn More Trading Analysis of Amazon  Amazon confirmed two new coronavirus cases in its U.S. delivery infrastructure, but decided not to close affected facilities - in Michigan and Oklahoma - as the company has to cope with increased demand. Our Analysis: Provided that the asset is traded above 1870.50, follow the recommendations below: The timeframe: H4 Recommendation: long position Entry point: 1915.00 Take Profit 1: 1975.00 Take Profit 2: 2032.50 Alternative scenario: In case of breakdown of the level 1870.50, follow the recommendations below: The timeframe: H4 Recommendation: short position Entry point: 1870.50 Take Profit 1: 1810.50 Take Profit 2: 1740.00 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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