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Friday, April 24rd—today's news: Gilead's new coronavirus drug fails its first randomized trial. European markets are pessimistic over the pandemic outlook and the EU's measures to curb its economic impact. EUR/USD is at 1.0763, GBP/USD—1.2321; Brent oil is $21,32 per barrel, gold is $1 753,50. Read the daily selection of analytical reviews from Grand Capital experts to navigate the market during a time of volatility.
The pair remains under pressure as the EU announces a stimulus package to support the economy. It turned out to be smaller than expected—1 trillion euros instead of 2 trillion. Moreover, the meeting didn’t clarify the details of the deal, which will weaken the pair in the short term. Keep track of the rate changes in real time.
Trading recommendations: sell the pair after it reaches yesterday’s target of 1.0770, with a likely drop first to 1.0715, and then to 1.0660.
The price pivot zone of 0.6232 is holding back buyers. A bearish divergence has formed on Awesome Oscillator. The ascending H12 level pattern is truncated. Keep track of the rate changes in real time.
Trading recommendations: sell while a descending wave pattern is forming, where the wave (A) breaks through the inclined channel of an ascending truncated H12 level pattern, completing it.
The price pivot zone 29.80 is holding back buyers. Awesome Oscillator shows bearish divergence, while Stochastic Oscillator signals overboughtness. Breaking through the price pivot zone of 28.28 will result in the formation of a descending pattern 1-2-3. Keep track of the rate changes in real time.
Trading recommendations: sell at the breakout level of 28.28; stop loss: 29.80; target levels: 27.45, 26.43, 24.93.
Visit the new section on Grand Capital website to monitor the rate changes of your preferred instruments and get useful information to help you decide on a trading strategy.
*Trading recommendations offered by analysts do not constitute a solicitation. Before starting to trade on currency exchange markets, please make sure that you understand the risks connected with the use of leverage and that you have sufficient level of training.