Daily F.X. Analysis, March 27 – COVID19 Continues to Dominate the Market 

The fundamental side of the market remains light due to a lack of market-moving macroeconomic indicators. Eyes will stay on COVID 19 and how different nations are looking to deal with it. The coronavirus death losses in Spain officially crossed the China figures and becoming the 2nd-highest in the world. The health system is falling under the weight of the disease. However, the coronavirus outbreak is not showing any sign of slowing down in the Eurozone. 

Economic Calendar   

BTC/USD - Daily Analysis

The BTC/USD extends trading within the same trading range of 6,850 to 6,575. We may see further trends in Bitcoin only when it breaks either on the higher side or the lower side. The COVID-19 pandemic proceeds to display with terrible consequences beyond the globe, desperate measures to keep the economy floating continue to be steered by global governments. 

Presently, the most striking illustration is the U.S., which lately announced an extensive quantitative easing plan and also entered an agreement for a $2 trillion stimulus program. The extensive quantitative easing means will cause the Federal Reserve to buy assets "in the quantities required to accommodate smooth market functioning. 

Right after the decision was made, the leading cryptocurrency Bitcoin rallied nearly 10% from $6,300 to $6,900. At the moment, the BTC/USD has sunk to $6,630, and crypto markets have remained relatively stable during the day.

BTC/USD - Daily Technical Levels

Support Resistance

6,507      6,962

6,228     7,139

5,772     7,594

Pivot Point 6,683

BTC/USD – Daily Forecast

The leading crypto pair BTC/USD continues to trade within the same trading range of 6,850 to 6,575 for another day, as traders seem to pay less interest in trading in the wake of the increased number of cases around the globe. On the lower side, violation of the 6,530 support level can extend selling until 6,395, and even below this, the next support is likely to be found around 6,175. Whereas, the bullish breakout of 6,815 level can drive more buying until 7,260.

EUR/USD –   Currency Pair hit The Fresh High Above 1.09 

The EUR/USD currency pair continued its recovery rally and hit above the 200-day Moving Average hurdle at 1.1082 because the U.S. Dollar continues to get weak in the wake of negative U.S. labor market official data released Thursday, which showed the initial jobless claims topped to 3.2 million last week, against the forecasted figures for 1.5 million by a big margin. 

The uptick in the global equity market also contributed to the greenback weakness. As of writing, the EUR/USD currency pair is currently trading at 1.1059 and consolidates in the range between the 1.1023 - 1.1087

At the USD front, the greenback is continuing its previous bearish bias with the dollar index, which tracks its value against majors, currently trading at lows below 99.00, representing a 0.60% decline on the day, having dropped 1.47% and 0.82% on Thursday and Wednesday, respectively.  

The greenback continued selling bias could be depressed U.S. labor market official data released Thursday, which showed the initial jobless claims topped 3.2 million last week, beating the forecast for 1.5 million by a big margin.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1051       1.1073

1.1044      1.1087

1.1022      1.1108

Pivot Point 1.1065

EUR/USD – Daily Forecast

The EUR/USD pair has made some nice bullish recovery overnight, as the total number of cases in the U.S. has crossed over the number of cases in China. Traders are in a panic and have started selling the U.S. dollar, which is driving the bullish trend in the EUR/USD currency pair. We may see EUR/USD heading towards the next resistance level of 1.1170 once it manages to violate the 1.1060 resistance level. On the lower side, 1.0985 persists the strong support and has the potential to keep the EUR/USD bullish today.

GBP/USD -  Coronavirus Fears & Brexit Uncertainty

During the early Asian session, the GBP/USD currency pair flashing green and got some support from the broad-based U.S. Dollar weakness. However, the GBP/USD failed to hold above the 1.2300 level, mainly due to the intensifying coronavirus (COVID-19) outbreak in the U.K. 

The Brexit uncertainty also keeps the pair below the 1.2300 level. At the press time, the GBP/USD is trading at 1.2271 and consolidates in the range between the 1.2132 - 1.2306. Whereas, the traders await the U.S. House votes on the COVID-19 aid Bill for fresh direction.

The United States cases crossed China figures of more than 81,000 virus cases and reached on the top of the list. On the other hand, the U.K. reported the highest single-day rise in the death toll by 103 to 578 yesterday.

At the Brexit front, the report came that the strong disputes between the United Kingdom and European Union regarding the Brexit talks that are already seen on the strong holding track for now while another report came that the United Kingdom will not be involved in European Union struggle for ventilators in the wake of Brexit.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2235      1.2281

1.2217      1.2309

1.217        1.2355

Pivot Point 1.2263

GBP/USD – Daily Forecast

The GBP/USD pair continues to consolidate below 50% Fibonacci retracement level of 1.2300, as most of the traders seem to feel hesitant to take major positions ahead of the weekend. The economic outlook remains neutral, so the major focus will remain on the technical side of the market. On the 4-hour chart, the GBP/USD is facing double top resistance at 1.2263, and closing of candles below this level are suggesting odds of selling bias in the GBP/USD pair. 

The leading indicators, such as RSI and Stochastics, have started are in the overbought zone, which supports the chances of correction in the pair. The cable may find support around 1.2090, and below this, the next support stays around 1.1985. Let's look for selling trades above 1.2263. Good luck!