The Eurozone’s Construction Output for January and the U.S. weekly jobless claims are scheduled to release on Thursday. On the other hand, the Bank Of England has also delivered rate cuts and buying of commercial papers, whereas the Chancellor’s multi-billion pound package was considered a large stimulus. Traders will also keep their eyes on Philadelphia Fed Manufacturing Survey for March, which is scheduled to release at 12:30 GMT. 

Economic Calendar   


 


BTC/USD – Daily Analysis

The BTC/USD prices continue to follow the same technical levels and setup that we discussed earlier. It seems like the market is staying out of Bitcoin and trading the other volatile trading instruments. 

We could observe the identical positive correlation between BTC/USD and the stock markets over the past weeks. Nevertheless, during the past days, Bitcoin holds firmly, trading within a range between $5000 and $5500. This is despite another drop of 5-6% in the major indexes.

As mentioned earlier, the overall plot can be seen in the 4-hour chart below. The BTC/USD is trading within a $5000 to $5500 narrow trading range in the wake of a lack of volatility. A breakout to either direction is expected to guide the next short-term direction for leading crypto Bitcoin.

BTC/USD – Daily Technical Levels

Support  Resistance 

5,168       5,652

4,881      5,847

4,397      6,330

Pivot Point 5,364

BTC/USD – Daily Forecast

On Thursday, the BTC/USD prices continue to follow the same technical levels and setup that we discussed earlier. It seems like the market is staying out of Bitcoin and trading the other volatile trading instruments. Today, the BTC/USD continues trading sideways in between a range of 5,800 – 5,000. 

Immediate support stays at 5,245 area, and a drop below this level can trigger further selling until 5,000 marks, while a breakout of 5,000 support can lead Bitcoin prices towards 4,106. Conversely, the bullish breakout of 5,835 can lead the BTC/USD prices towards 6,345.

EUR/USD – Rejection Near 1.0980 Amid Broad-Based USD Strenght

Today in the early Asian session, the EUR/USD currency pair was flashing green and recovered above 1.1000 level from the 4-weeks low mainly after the ECB declared a big package of €750 billion in order to balance the coronavirus negative impact on the economy. 

As of writing, the EUR/USD is trading at 1.0898 and consolidates in the range between the 1.0878 – 1.0981. However, the pair just faced rejection at 1.0980 on broad-based USD Demand.

The European Central Bank’s (ECB) €750 billion pandemic emergency purchase program (PEPP) will include all the asset categories eligible under the existing asset purchase program. Besides, the ECB also said about to launch a new temporary asset purchase program of private and public sector securities to control the severe risks to the monetary policy transmission mechanism.

Looking forward, the Eurozone’s Construction Output for January and the U.S. weekly jobless claims are scheduled to release on Thursday. Traders will also keep their eyes on Philadelphia Fed Manufacturing Survey for March, which is scheduled to release at 12:30 GMT. 

EUR/USD – Daily Technical Levels

Support Resistance 

1.0795      1.1038

1.0677      1.1163

1.0434      1.1407

Pivot Point 1.092

EUR/USD – Daily Forecast

The EUR/USD is trading at 1.0890, mostly keeping the bearish bias. The EUR/USD is likely to find an immediate resistance around 1.0920, and above this, the pair has the potential to go after 1.1030. Whereas, the EUR/USD has strong chances of staying bearish below 1.0920 to target 1.0805. A breakout of 1.0805 can open further room for selling until 1.0670.

GBP/USD – Coronavirus Outbreak Fears & Broad-Based USD Strength

At the starting of Thursday’s Asian session, the GBP/USD currency pair continues to flash red and register 1.0% losses to 1.1480 due to concerns of intensifying coronavirus (COVID-19) outbreak. But now, bears are taking a breath after yesterday’s substantial losses of more than 500 pips.

Fewer expectations from the BOE and British policymakers of strong measures to control the deadly disease also weighed on the pair sentiment. As the press time, the GBP/USD is currency pair is currently trading at 1.1502 and consolidates in the range between the 1.1475 – 1.1667.

To control the coronavirus disease, the United Kingdom announced holidays for schools, colleges, and nurseries from Friday while also pushing for more tests. Moreover, the Tory government now have not any option to extend the Brexit deadline because they already canceled the EU-UK talks in London, which were prepared to start from Wednesday.

On the other hand, the Bank Of England has also delivered rate cuts and buying of commercial papers, whereas the Chancellor’s multi-billion pound package was considered a massive stimulus.

GBP/USD – Daily Technical Levels

Support Resistance 

1.1316      1.1985

1.1049     1.2387

1.0379     1.3057

Pivot Point 1.1718

GBP/USD – Daily Forecast

The GBP/USD is falling dramatically, having violated the support level of 1.1780, which also marks a pivot point level of the day. Closing of daily candles below this level has opened further room for selling until 1.1316. But the pair is in the oversold zone, and it can technically retrace back anytime. 

On the daily time frame, the Cable has formed a 7th consecutive bearish candle, and the bearish bias is still dominant. The GBP/USD is anxiously waiting for a fundamental reason to trigger a buy-in GBP/USD. The Cable may find resistance around 1.1718, and above this, the next resistance stays around 1.2015. Let’s look for selling trades below 1.1718. Good luck!  

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