Daily F.X. Analysis, March 11 – U.S. Inflation Figures in Highlights! 

A day before, the greenback clawed background versus a basket of currencies, including the Sterling, following a recent drop fired by coronavirus concerns and a breakdown in U.S. government bond yields amid a flight to safer assets.

President Donald Trump proposed a news conference after announcing on Monday that he was equipped to practice "major" measures to support the U.S. economy, and his remarks eventually helped the dollar. Overall, it's likely to be an important day from the trading viewpoint as investors will be eyeing on the U.S. inflation figures. 

Economic Calendar  

BTC/USD - Daily Analysis

The BTC/USD price is attempting to crossover the resistance at $8,000 again, after having a rejection at $8,200 on Tuesday. The BTC/USD price is anticipated to descend further ere formidable support is found to provide a reversal. Nevertheless, the sellers were not interested in the movement as they immediately found to force BTC/USD back into the $ 7,000's area. 

Consequently, another bullish improvement seems to be underway, with the Bitcoin price previously leading over $7,900. BTC/USD is staggering at $7,930 as the buyers gradually build a bullish momentum to beak the resistance at $8,000. 

The daily chart reveals that in spite of the jump from levels over $9,000 to $7,603, the BTC/USD is consistently holding over a 15-month ascending trendline. The leading Bitcoin continues to maintain the same trading levels as before, as the leading crypto pair is trading below an immediate resistance level of 7,925, and bullish breakout of this level can trigger buying until 8,200. 

BTC/USD - Daily Technical Levels

Support     Resistance 

7,751.56       8,167.71

7,536.63      8,368.93

7,120.48      8,785.08

Pivot Point 7,952.78

BTC/USD – Daily Forecast

The BTC/USD proceeds to maintain the same trading levels as before, as the leading crypto pair is trading below an immediate resistance level of 7,925, and bullish breakout of this level can trigger buying until 8,200. 

The MACD and 50 EMA is implying chances of bearish inclination in the pair, but the 50 EMA resistance is far away from the prevailing market price of 8,200. Below this, we can anticipate additional 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 stopped its previous day losses and rose to 1.1350, representing 0.59% gains on the day mainly due to the weakness in the broad-based U.S. Dollar and Treasury yields. At the press time, the EUR/USD currency pair is currently trading at 1.1343 and consolidates in the range between the 1.1277 - 1.1350. 

The uncertainty about a stimulus package offered by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic and growing coronavirus cases globally weighed on risk sentiment. As in result, the EUR currency found some support also from the renewed risk-off market sentiment.

Therefore, investors raise the U.S. bond-buying as in result, the renewed sell-off found in the Treasury yields that sent the dollar lower across the board. The U.S. dollar index now trades 0.35% lower at session lows near 96.05 whereas the U.S. benchmark 10-year Treasury yields are down nearly 11% at 0.675%.

EUR/USD - Daily Technical Levels

Support Resistance 

1.1245      1.1371

1.1197      1.145

1.107        1.1576

Pivot Point 1.1323

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 and 1.1275 level. The bullish bias seems to dominate the market.

GBP/USD - NIESR GDP Estimate

The GBP/USD currency pair stopped its previous day bearish bias and recovered toward the 1.2935 mainly due to the greenback weakness in the wake of fresh risk-off market sentiment. Whereas the U.S. dollar index is registering losses after the heavenly performance of the previous day. 

The GBP/USD is currently trading at 1.2934 and consolidates in the range between the 1.2869 - 1.2937. However, the GBP traders keenly await key U.K. data and 1st budget after the Brexit for taking fresh impulse.

It is worth mentioning that the growing number of coronavirus cases in the U.S. raising fears because the labs which are working under the Trump administration have a shortage of resources for testing. The delay in the incentive package offered by U.S. President Donald Trump to soften the economic impact of the coronavirus epidemic, which he had promised on Tuesday, also weighing on the greenback.

At the Britain front, Health Minister Nadine Dorries came in the headlines despite being infected with the deadly virus. The U.K. authorities are trying to test nearly 10,000 people daily, as per the Financial Times report.

GBP/USD - Daily Technical Levels

Support Resistance 

1.281        1.3023

1.2733      1.3158

1.252        1.337

Pivot Point 1.2945

GBP/USD – Daily Forecast

The GBP/USD also has shown some serious gains previously, but it fell to fill the massive gap on the 4-hour timeframe. The GBP/USD seems to have filled the bullish gap at 1.3045 and continues to drop below 1.3045 area, which was working as a support level. 

Below this level, the GBP/USD may trade in a selling zone to hit the next target level of 1.2864, and a bullish breakout of 1.2945 can lead the GBP/USD prices towards 1.3050 today. The RSI and Stochastics are in the extremely oversold zone, suggesting the chances of a bullish retracement. So let's wait for 1.2945 level before taking any further selling positions. Good luck!