Daily F.X. Analysis, March 10 –  European Industrial Production In Highlights! 

On Tuesday, the U.S. dollar steadied slightly following heavy losses versus the yen, the euro and the Swiss franc. Still, traders suggest the risks to the greenback persist high as policymakers try to battle off the widening fallout from the coronavirus disease.

The U.S. currency rose to crush higher as Wall Street stock futures advanced, and bond yields bounced following U.S. President Donald Trump announced that the White House is set to hold a news conference about economic measures in reply to the disease. On Tuesday, eyes will remain on the Eurozone industrial production events, which are expected to drive some movement in the market. 

Economic Calendar  

BTC/USD - Daily Analysis

The BTC/USD fell sharply from 9,100 level to a low level of 7,640. On the higher side, the BTC/USD is likely to find an immediate resistance around 7,925, and bullish breakout of this level can trigger buying until 8,200. 

The BTC/USD price bolted below the resistance at $8,000 despite improvement from $7,650. The BTC/USD could comfortably manage on the inverted H&S pattern for the following bull run to $10,500. Bitcoin price is toying with the thought of performing an inverse head-and-shoulders. 

A reversal has since happened, though it is not vital to remove the resistance at $8,000. For this cause, BTC/USD staggers at $7,901 at the time of reporting. Bitcoin has dropped 0.43% of its worth on the day amid increasing building bearing drive.

BTC/USD - Daily Technical Levels

Support     Resistance 

7,619.95      8,060.61

7,406.7       8,288.02

6,966.04    8,728.68

Pivot Point 7,847.36

BTC/USD – Daily Forecast

On Monday, the BTC/USD fell sharply from 9,100 level to a low level of 7,640. On the higher side, the BTC/USD is likely to find an immediate resistance around 7,925, and bullish breakout of this level can trigger buying until 8,200. 

The MACD and 50 EMA is suggesting odds of bearish bias in the pair, but the 50 EMA resistance is far away from the current market price of 8,200. Below this, we can expect further selling in the pair. Alternatively, the BTC/USD has formed a tweezers bottom pattern above 7,645 support level, which can drive a slight buying in the BTC/USD pair. The bullish bias remains strong over 7,600 level, and bearish remain strong below 8,200.

EUR/USD – Weaker Dollar In-Play

The EUR/USD currency pair flashing red and trading below the 1.1400 level mainly due to broad-based U.S. Dollar recovery sentiment. As well as, the sellers now targeting 1.1300 level ahead of the Eurozone GDP release. At the press time, the EUR/USD currency pair is currently trading at 1.1341 and consolidates in the range between the 1.1338 - 1.1459. 

The market risk-tone has recovered as bullish rally seen in the U.S. Treasury yields and S&P 500 futures that mainly boosted the greenback broadly higher from the lowest level since September 2018 reached on Monday at 94.66.

Apart from this, the risk recovery could be attributed to the latest numbers from China that show a continued reduction in the cases and death toll.

On the other hand, the shared currency is still looking pressurized by the rising chances of the rate cut to be delivered by the European Central Bank this Thursday, which weakens the EUR currency trade sentiment. It's worth to mention that Eurozone money markets now price in two rate cuts from the European Central Bank (ECB) by June vs. one last week.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1384      1.1503

1.1315       1.1553

1.1196       1.1672

Pivot Point 1.1434

EUR/USD – Daily Forecast

The EUR/USD is trading with a bearish bias around 1.1345 area, and it has already completed the 38.2% Fibonacci retracement at 1.1350. Closing of candles above this level can extend buying until 1.1400 and 1.1425. While the continuation of a selling bias can lead the EUR/USD towards 1.1313 level. Overall, the bearish bias seems to dominate the market.

GBP/USD - BOE Gov Carney Speaks

The GBP/USD currency pair failed to continue its 5-day winning streak and dropped to the 1.3070, representing 0.45% declines mainly due to the fresh Brexit uncertainty. The risk improved sentiment helped the U.S. dollar to bounce off the multi-month low. The GBP/USD is currently trading at 1.3043 and consolidating in the range between the 1.3022 - 1.3134. 

Global policymakers showed their efforts to control the negative implications of the coronavirus (COVID-19). As in result, the market risk-tone has recovered slightly. Among them, U.S. President Donald Trump's expected stimulus, and China's opened the epicenter Wuhan's borders for travelers also improved the risk-tone.

Even so, the recovery in the U.S. Treasury bonds, as well as the equity futures, likely helped the U.S. dollar to bounce off the multi-month low.

At the Brexit front, the fresh doubts regarding Brexit are also fueling the pair's pullback. Some of the opposition Labour Party, raise doubts on the December 2020 deadline due to deal disputes, COVID-19 concerns.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2981      1.3084

1.2913      1.312

1.281        1.3224

Pivot Point 1.3017

GBP/USD – Daily Forecast

The GBP/USD also has shown some serious gains, as it opened higher with a massive gap. The GBP/USD seems to have filled the bullish gap at 1.3045, and now it's likely to find another support around the 1.3045 area. 

Above this level, the GBP/USD may bounce off until the next target level of 1.3120, and bullish breakout of this can lead the GBP/USD prices towards 1.3205. The RSI and Stochastics are in the extremely overbought zone, suggesting chances of a bearish retracement. So let's wait for 1.3015 before taking any further buying positions. Good luck!