On Thursday, the U.S. dollar has soared nearly 7% in the last 15 days, as concerns across the economic fallout of the coronavirus pandemic have pointed traders towards the U.S. dollar, often regarded as a haven of last resort. It has settled near multi-year highs despite the U.S. Federal Reserve's attempts to facilitate a global deficit of dollars. Considering this, the U.S. Senate unanimously announced a $2.2 trillion emergency aid plan yesterday as the United States recorded over 200 coronavirus-related deaths. With this, the dollar is getting a bit weaker, and stock markets are gaining support. Economic Calendar   The BTC/USD extends trading within the same trading range of 6,850 to 6,575. As 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. Support Resistance 6,507 6,962 6,228 7,139 5,772 7,594 Pivot Point 6,683 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. 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. Conversely, the bullish breakout of the 6,815 level can drive more buying until 7,260. Today in the early Asian session, the EUR/USD currency pair continued its previous day recovery rally and crossed above to 1.09 level mainly due to the broad-based U.S. Dollar weakness, having hit the fresh high of 1.0934 and representing 0.32% gains on the day. However, the greenback getting weak time by time in the wake of strong expectations of the U.S. fiscal stimulus and the upbeat market mood. As of writing, the EUR/USD is trading at 1.0911 and consolidates in the range between the 1.0870 - 1.0934. The Senate Democrats and Republicans finally agreed on the Trump administration-backed stimulus package plan and eventually passed the U.S. Senate and will likely put to the vote in the lower house on Friday. As in result, the global equities could continue its previous day recovery rally, triggered deeper losses in the safe-haven USD, and sent the pair further higher. Looking forward, the U.S. jobless claims report will be a key to watch for the dollar's safe-haven status. Economists are looking for claims to increase to 1.5 million, which may hit the U.S. dollar and drive bullish support to the EUR/USD currency pair. Support Resistance 1.0742 1.0885 1.0673 1.0957 1.0531 1.11 Pivot Point 1.0815 EUR/USD – Daily Forecast The tug of war between the bulls and bears continues to drive no significant price action in the EUR/USD prices. The EUR/USD is consolidating around at 1.0905, mostly following a slightly bullish trading session in the wake of weaker U.S. dollar. The EUR/USD is likely finding resistance at 1.09510, and above this, the pair has the potential of going towards 1.1050. Conversely, the EUR/USD has a strong chance of staying bearish beneath 1.1056 resistance. While the violation of 1.0815 support level may also drive further selling in the major currency pair EUR/USD. The RSI and Stochastics remain in a buying zone, supporting the upward movement in the EUR/USD. During the early Asian session, the GBP/USD pair is flashing red and still trading under pressure near 1.1855, mainly due to the sharp rise that came in the cases of coronavirus in the U.K. The traders are cautious about placing nay positions ahead of the U.K. Retail Sales and BOE monetary policy decisions, which are due to come out later today. The GBP/USD is trading at 1.1848 and consolidates in the range between the 1.1778 - 1.1900. However, the currency pair failed to get any support from the broad-based weaker U.S. Dollar as intensifying fears of coronavirus continues to cause a sell-off in the U.S. dollar. As per the latest report about coronavirus, the U.K. reported a sharp surge of 1,500 cases in a single day, with a new total of 9,529 cases, which are up from 8,077. The increase in the death losses from 422 to 463 also demotivated the U.K. PM Boris Johnson's lockdown struggles. The BBC news agency also indicated the fear of intensifying virus with headlines stating, many thousands of Covid-19 cases found across Northern Ireland (N.I.). Furthermore, the Senate Democrats and Republicans finally agreed on the Trump administration-backed stimulus package plan and finally passed the U.S. Senate. Now it will likely be put to the vote in the lower house on Friday. Consequently, the U.S. equities could continue its previous day recovery rally, which triggered deeper losses in the safe-haven USD. Support Resistance 1.1662 1.1858 1.1535 1.1927 1.1339 1.2122 Pivot Point 1.1731 On Thursday, the GBP/USD pair continues to consolidate around 1.1830 level as most of the traders seem to feel hesitant to take major positions ahead on BOE rate decision today. On the 4-hour chart, the GBP/USD is facing double top resistance at 1.1963, 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 coming out of the overbought zone, which supports the selling correction bias in the pair. The cable may find support around 1.1715, and below this, the next support stays around 1.1515. Let's look for buying trades above 1.1585. Good luck!

Global financial markets continue to remain on knees in the wake of an increased number of coronavirus cases around the globe. On the forex front, the ICE U.S. Dollar Index dropped a further 0.5% on the day to 101.60. Today, eyes will remain the U.K. Office for National Statistics will release February CPI (+1.7% on-year expected). The U.S. Commerce Department will release February durable goods orders (-1.0% on month expected). The FHFA will release January House Price Index (+0.4% on month expected). Economic Calendar   The BTC/USD price edge higher today, recovering from $5,688 to a daily high at $6,600. The leading cryptocurrency asset defied the most serious concerns of analysts by operating over the $5,400 support, and presently, Bitcoin continues to show increasing strength in the light of wilting stock markets. The Bitcoin price is now trading beneath the $6,200 and $6,000 support marks. There is a crucial contracting triangle developing with support around $5,780 on the hourly graph of the BTC/USD. The BTC/USD pair could either drop dramatically below $5,750, or it might strive a fresh surge to $6,500. One of the significant price levels to be conscious of is the $5,400 mark. If Bitcoin drops beneath that level, it will be a very bearish plot for crypto as a whole. Although the price increased to a daily high of $6,400 on Sunday, a closing of daily price over $5,900 is necessary. Support Resistance 6,507        6,962 6,228       7,139 5,772        7,594 Pivot Point 6,683 On Wednesday, the prices for BTC/USD continue to trade 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. 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. Conversely, the bullish breakout of the 6,815 level can drive more buying until 7,260. Today in the early Asian session, the EUR/USD currency pair continues its previous day bullish streak and rose above the 1.08 level once again, mainly due to broad-based greenback weakness in the wake of risk-on market sentiment and high expectations of the fiscal stimulus package. As of writing, the EUR/USD is consolidating around at 1.0812 and trades in the range between the 1.0761 - 1.0824. However, the traders are keenly awaiting the German IFO Business Climate to take fresh directions. At the USD front, the greenback came under pressure once again because the Asian stocks continue to flash green, following the overnight rally on Wall Street, which was boosted by high expectations of U.S. fiscal stimulus. The congress meeting, which happened on Tuesday, was very close to passing a $2 trillion stimulus package to decrease the economic recession from the coronavirus outbreak. Still, it was not clear that when will be the Democrats and Republicans ready to vote on the Bill. Support Resistance 1.0742 1.0885 1.0673 1.0957 1.0531 1.11 Pivot Point 1.0815 The EUR/USD is consolidating around at 1.0815, mostly following a choppy trading session in the wake of a lack of major economic events. The EUR/USD is expected to gain a critical resistance nearby 1.08510, and above this, the pair has the chance of going further higher towards 1.1050. In contrast, the EUR/USD has a strong chance of staying bearish beneath 1.0723 pivot point level to target 1.065 as the RSI and Stochastics remain strongly bearish. A breakout of 1.065 can drive more selling until 1.0565. During the early Asian session, the GBP/USD pair continues to flashing green and hit the session high mid-above 1.1800 despite the broad-based U.S. dollar weakness. However, the cable traders remain careful ahead of the UK CPI data release. The GBP/USD is currently trading at 1.1826 and consolidates in the range between the 1.1736 - 1.1856. The GBP/USD currency pair jumped to a session high of 1.1850 shortly before press time and is currently trading at 1.1826, representing a 0.60% gain on the day. The cost of living in the United Kingdom as represented by the Consumer Price Index (CPI) for February month, which is scheduled to release early on Wednesday at 07:00 GMT. From the forecasted view, the headline CPI inflation is forecasted to arrive at 1.7% on a yearly basis, softer than the prior +1.8%. The core inflation rate that doesn't include food and energy items is likely to have increased by 1.5% YoY last month compared to the prior rise of 1.6%. In this regard, the market expecting the February CPI to mark at 0.3%, while inflation should remain weak indefinitely. Support Resistance 1.1662 1.1858 1.1535 1.1927 1.1339 1.2122 Pivot Point 1.1731 The GBP/USD hasn't changed much as the pair continues to consolidate around 1.1830 level, as the Cable is bouncing off pivot point support level of 1.1730 level. On the daily timeframe, the GBP/USD pair is heading towards 23.6% Fibonacci retracement at 1.1830, and above this, the pair has odds of going towards 38.2% Fibo levels at 1.2016. The bullish bias remains solid as the RSI and Stochastics are holding in an oversold zone, which supports the bullish bias in the pair. The Cable may find support around 1.1585, and below this, the next support stays around 1.1315. Let's look for buying trades above 1.1585. Good luck!

On Tuesday, the major focus will remain on the research firm Markit which are due to publish preliminary readings of March Manufacturing PMI for the eurozone (39.0 expected), Germany (40.0 expected), France (41.0 expected), the U.K. (45.0 expected) and the U.S. (44.0 expected). Also, preliminary readings of March Services PMI for the eurozone (40.0 expected), Germany (43.0 expected), France (41.0 expected), the U.K. (45.1 expected), and the U.S. (42.0 expected). The U.S. Commerce Department will report February new home sales (750,000 units expected). The Richmond Federal Reserve will release its Manufacturing Index for March (-10 expected). Economic Calendar The BTC/USD price edge higher today, recovering from $5,688 to a daily high at $6,600. The leading cryptocurrency asset defied the most serious concerns of analysts by operating over the $5,400 support, and presently, Bitcoin continues to show increasing strength in the light of wilting stock markets. The Bitcoin price is now trading beneath the $6,200 and $6,000 support marks. There is a crucial contracting triangle developing with support around $5,780 on the hourly graph of the BTC/USD. The BTC/USD pair could either drop dramatically below $5,750, or it might strive a fresh surge to $6,500. One of the significant price levels to be conscious of is the $5,400 mark. If Bitcoin drops beneath that level, it will be a very bearish plot for crypto as a whole. Although the price increased to a daily high of $6,400 on Sunday, a closing of daily price over $5,900 is necessary. Support Resistance 5,489 6,635 4,805 7,097 4,343 7,781 Pivot Point 5,950 The BTC/USD prices continue to hold bearish below double to the resistance level of 6,696, while the bullish bias seems stronger as the recent pivot point support holds around 6,215. The BTC/USD crossover and tested the pivot point support level at 6,215 and closing of candles above this level is suggesting chances of a bullish bias in the Bitcoin. On the lower side, the BTC/USD prices are likely to find support around 5,606 and 4,770. Whereas, the resistance continues to hold around 6,685. On the hourly chart, the bullish trendline is likely to support the BTC/USD prices around 6,230 area, and we may see Bitcoin prices bouncing off this level today Today in the early Asian session, the EUR/USD currency pair caught bids near 1.0720 and hit the fresh session high of 1.0822, mainly due to broad-based USD weakness after the U.S. Federal Reserve statement that there is no limit to their Quantitative Easing program. The EUR/USD is trading at 1.0796 and consolidates in the range between the 1.0722 - 1.0823. However, the currency pair may drop to the lowest level, and it depends on the upcoming Eurozone and German preliminary Manufacturing PMIs data. The pair continue to gaining traction in the wake of the weaker dollar and continue to trading above 1.0800, representing 0.65% gain on the day. It is worth to mention that the reason behind the greenback weakness could also be the statements that the U.S. Senate and the Trump administration were close to reaching a deal on the massive coronavirus spending package late Monday. The riskier assets got support after improvement in risk sentiment in the global market. Asian stocks gained with the futures tied on the S&P 500, adding 4%. Whereas, the Fed's unlimited asset purchase plan may continue to reduce tension in the credit markets, sending the greenback lower. Support Resistance 1.0615 1.0809 1.0529 1.0917 1.0335 1.1111 Pivot Point 1.0723 The EUR/USD is consolidating around at 1.0745, essentially following a choppy trading session in the wake of a lack of major economic events. The EUR/USD is expected to gain a critical resistance nearby 1.08510, and above this, the pair has the chance of going further higher towards 1.1050. In contrast, the EUR/USD has a strong chance of staying bearish beneath 1.0723 pivot point level to target 1.065 as the RSI and Stochastics remain strongly bearish. A breakout of 1.065 can drive more selling until 1.0565. During Tuesday's Asian session, the GBP/USD currency pair flashing green and rose 0.75% to 1.1636, mainly due to broad-based greenback weakness. On the other hand, the currency pair did not give any major attention to the domestic coronavirus fears after declines in the U.S. dollar. Right now, the GBP/USD is trading at 1.1616 and consolidates in the range between the 1.1509 - 1.1659. However, investors are still careful before the first results of the deadly virus on the critical activity numbers from the U.K. and the U.S. The United States Senate failed to pass the much-awaited $2 trillion COVID-19 Bill, but the Republicans are still expecting the deal to be started soon. During the Monday, the U.S. Federal Reserve (Fed) announced unlimited Quantitative Easing (Q.E.) to control the disease. At the coronavirus front, the global death losses rose to 16,380 with more than 335 in the U.K. . While identifying the threat of the outbreak, the British PM Boris Johnson announced the most stringent measures, including penalties on the public and shops during the lockdown, to force the people to stay at home to control the spreading of the virus. Support Resistance 1.1492 1.1872 1.1333 1.2094 1.0953 1.2474 Pivot Point 1.1713 The GBP/USD hasn't changed much as the pair continues to consolidate around 1.1730 level, as the Cable is bouncing off above 1.1400 level. On the daily timeframe, the GBP/USD pair is heading towards 23.6% Fibonacci retracement at 1.1800, and above this, the pair has odds of going towards 38.2% Fibo levels at 1.2016. The bullish bias remains solid as the RSI and Stochastics are holding in an oversold zone, which supports the bullish bias in the pair. The Cable may find support around 1.1585, and below this, the next support stays around 1.1315. Let's look for buying trades above 1.1585. Good luck!

The U.S. and European stock indices dropped along with stock futures following a lift in the global death losses from the coronavirus and a breakdown by Congress to accept on an aid program. The U.S. SPX (S&P 500) plunged nearly 5% while the European stocks dropped over 6% as administrators struggled to impose more limitations on people's movements. Shares in Australia, South Korea, and Hong Kong also collapsed, while India dropped over 10% in the wake of Coronavirus fears. The dollar declined versus major peers following the Federal Reserve, and counterparts opened daily operations to contribute dollars throughout the world. Economic Calendar The BTC/USD is down over 5%, and it violated the $6,000 support zone versus the U.S. Dollar. The BTC/USD is now exhibiting selling signs, and it could proceed to move down. Bitcoin began a fresh drop after it disappointed to break above the $6,500 resistance versus the U.S. Dollar. The Bitcoin price is now trading beneath the $6,200 and $6,000 support marks. There is a crucial contracting triangle developing with support around $5,780 on the hourly graph of the BTC/USD. The BTC/USD pair could either drop dramatically below $5,750, or it might strive a fresh surge to $6,500. One of the significant price levels to be conscious of is the $5,400 mark. If Bitcoin drops beneath that level, it will be a very bearish plot for crypto as a whole. Although the price increased to a daily high of $6,400 on Sunday, a closing of daily price over $5,900 is necessary. Support Resistance 5,489 6,635 4,805 7,097 4,343 7,781 Pivot Point 5,950 On Monday, the BTC/USD has tested the pivot point resistance level of 6,686, and the closing of candles below this level is suggesting chances of a bearish bias in the Bitcoin. On the lower side, the BTC/USD prices are likely to find support around 5,606 and 4,770. Whereas, the resistance continues to hold around 6,066 and 6,685. On the hourly chart, the bullish trendline is likely to support the BTC/USD prices around 5,700 area, and we may see Bitcoin prices bouncing off this level today. Today in the early Asian session, the EUR/USD currency pair trading on the bullish track and rose to 1.0735, representing 0.35% gains on the day as the global equity markets flashing red. As in result, the EUR currency is getting bids as a safe-haven demand. As of writing, the EUR/USD currency pair is currently trading at 1.0729 and consolidates in the range between the 1.0637 - 1.0735. However, the EUR currency is still finding bids against currencies like the New Zealand dollar, including the Australian dollar and, eventually, the EUR/USD currency pair getting a boost from it. Global equity markets showing a selling in Asia with the S&P 500 futures showing losses with a 5% drop, because the fears of a coronavirus-led recession in the global economy were increased as the U.S. Senate failed to push forward with the rescue package. Earlier, the currency pair was stuck near the 1.0635 level on Friday but again took bids around that level during Monday's Asian trading hours. On the technical side, the double bottom has the neckline resistance at 1.0831; if the pair succeed to break, it will open the doors to 1.0442 (target as per the measured move method). Support Resistance 1.0615 1.0809 1.0529 1.0917 1.0335 1.1111 Pivot Point 1.0723 The EUR/USD is consolidating around at 1.0745, essentially following a choppy trading session in the wake of a lack of major economic events. The EUR/USD is expected to gain a critical resistance nearby 1.08510, and above this, the pair has the chance of going further higher towards 1.1050. In contrast, the EUR/USD has a strong chance of staying bearish beneath 1.0723 pivot point level to target 1.065 as the RSI and Stochastics remain strongly bearish. A breakout of 1.065 can drive more selling until 1.0565. During the early Asian session, the GBP/USD currency pair flashing green and getting bids near the 1.1690. The currency pair struggles to extend its recovery gains toward the 1.1700 despite the United Kingdom's lockdown concerns. With this, the currency pair representing 0.49% gains so far. At the press time, the GBP/USD is currently trading at 1.1688 and consolidates in the range between the 1.1533 - 1.1697. However, the currency pair could have taken clues from the U.S. Senate's failure to pass President Donald Trump's Coronavirus (COVID-19) Bill. At the U.K. front, the United Kingdom Prime Minister Boris Johnson gave warning to the public about the lockdown. Mainly after ignoring their appeal by society to stay indoor during Mother's Day. Meanwhile, the Tory leader increased concerns while indicating the Italy-like situation in the Kingdom, after knowing that the death losses reached 281 and there are 5,683 confirmed cases, as per the latest report. Support Resistance 1.1492 1.1872 1.1333 1.2094 1.0953 1.2474 Pivot Point 1.1713 The GBP/USD hasn't changed much as the pair continues to consolidate around 1.1730 level, as the Cable is bouncing off above 1.1400 level. On the daily timeframe, the GBP/USD pair is heading towards 23.6% Fibonacci retracement at 1.1800, and above this, the pair has odds of going towards 38.2% Fibo levels at 1.2016. The bullish bias remains solid as the RSI and Stochastics are holding in an oversold zone, which supports the bullish bias in the pair. The Cable may find support around 1.1585, and below this, the next support stays around 1.1315. Let's look for buying trades above 1.1585. Good luck!

On Friday, the dollar's bullish trend is a nightmare for the various nations and groups that have borrowed massively in the dollar, pointing to further selling of developing market currencies in a negative feedback circle. The U.S. Federal Reserve bank has prompted to ease global currency as concerns about a worldwide recession triggered a surge in demand for the U.S. dollar. The Federal Reserve announced it had settled swap lines to establish central banks' supply in nine countries with the greenback. On the news front, the eyes will remain on the Eurozone's PPI & Current account figures, which are likely to exhibit negative economic growth and may weigh on the Euro pairs. Besides, Canadian core retail sales will also have it says in the market as it's expected to weaken due to dropping oil prices. Economic Calendar The BTC/USD price surged over the $5,500 resistance level, surpassing $6,000 as the leading crypto pair rushed to $6,359. The 18%+ rally restored more than $800 in value to Bitcoin price. Since the previous week's catastrophic 50% retracement, the Bitcoin price has grown by 40% from its low at $3,775. Traders will now wait to see if the prior levels of resistance at $5,500, $5,900, and $6,300 will work as support. The BTC/USD has violated a resistance level of 5,835, which is leading it's priced towards the next resistance level of 6,345 now. This level used to work as a support in December 2019, and now it's likely to extend resistance to the BTC/USD pair. Support Resistance 5,489.0 6,635.2 4,804.6 7,097.0 4,342.8 7,781.4 Pivot Point 5,950.8 Considering the recent candles of Bitcoin on the daily timeframe, the odds of bullish trend seems stronger, especially the formation of the bullish engulfing candle on the daily chart. A bullish breakout of 6,400 level can lead BTC/USD prices towards 61.8% Fibonacci level of 7,150 while support stays around 5,800. The EUR/USD was flashing red and hit the fresh 3-year low of 1.0655, mainly due to broad-based USD strength. As of writing, the EUR/USD currency pair is currently trading at 1.0764 and consolidates in the range between the 1.0653 - 1.0769. The currency pair dropped to 1.0653 on Thursday, the lowest level since April 2017, because investors sold everything, also safe havens like Japan's yen and Swiss francs, to transfer their money into greenback due to fears of a coronavirus-led recession in the global economy. On the technical side, the overall trend looks bearish with the 5- and 10-day averages trending south and the weekly chart also reporting a bearish crossover between the 100- and 200-week averages and a below-50 reading on the RSI. At the time of writing, the EUR/USD pair is trading near 1.0735, representing a 0.40% gain on the day. Whereas China surprisingly kept rates unchanged early Friday, as in result, the Asian equities are flashing green. Support Resistance 1.0556 1.0851 1.0458 1.1048 1.0261 1.1146 Pivot Point 1.0753 The EUR/USD is trading at 1.0740, mostly keeping the bearish bias. The EUR/USD is likely to find an immediate resistance around 1.0780, and above this, the pair has the potential to go after 1.0850. Whereas, the EUR/USD has strong chances of staying bearish below 1.0780 to target 1.065. A breakout of 1.065 can open further room for selling until 1.0565. The GBP/USD currency pair flashing green and hit the fresh high of 1.670, representing 1.55% gains on the day because the greenback fell from the 3-year high. The strong stimulus from the U.K. is also helping to improve risk sentiment in the market. The GBP/USD is trading at 1.1662 and consolidates in the range between the 1.1414 - 1.1676. As we all well aware that the pair lost 1,800 pips in the last nine-day, due to multiple uncertainties and broad-based USD strength. Earlier, the GBP/USD pair fell to the fresh low since 1985 after negative coronavirus reports from the U.S. and the U.K. However, the trading sentiment recovered after because traders appreciated the British Chancellor's upcoming stimulus measure. However, the reason behind the risk-on market sentiment could also be the Guardian's news that a huge struggle is started to produce a U.K. vaccine for coronavirus to save further lives ahead. Support Resistance 1.1376 1.1697 1.1264 1.1906 1.1055 1.2018 Pivot Point 1.1585 The GBP/USD is trading at 1.1730 level, as the Cable is bouncing off above 1.1400 level. On the daily timeframe, the GBP/USD pair is heading towards 23.6% Fibonacci retracement at 1.1800, and above this, the pair has odds of going towards 38.2% Fibo levels at 1.2016. The bullish bias remains solid as the RSI and Stochastics are holding in an oversold zone, which supports the bullish bias in the pair. The Cable may find support around 1.1585, and below this, the next support stays around 1.1315. Let's look for buying trades above 1.1585. Good luck!

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 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. Support Resistance 5,168 5,652 4,881 5,847 4,397 6,330 Pivot Point 5,364 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. 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. Support Resistance 1.0795 1.1038 1.0677 1.1163 1.0434 1.1407 Pivot Point 1.092 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. 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. Support Resistance 1.1316 1.1985 1.1049 1.2387 1.0379 1.3057 Pivot Point 1.1718 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!

On Wednesday, eyes will remain on the Eurozone inflation figures, which are expected to report a neutral figure. But coronavirus may have its impact, and we may see Inflation figures falling for Eurozone. In this case, selling can be seen in the European currency pairs. Besides, the Canadian Inflation reports will be in focus during the U.S. session. The drop in crude oil prices is most likely to have their influence on Canadian inflation, and we may see a worse than expected CPI report, which is likely to weigh on the Canadian dollar. Economic Calendar   The BTC/USD recovery from last week's dramatic decline to $3,700 extended yesterday as the leading cryptocurrency briefly surpassed $5,500 ere pulling back beneath $5,400. The growth in the crypto market's price action seems to have been partly inspired by a lift from today's White House press conference, which included U.S. Treasury Secretary Steven Mnuchin authenticating rumors that the Trump Administration would accommodate a $1 trillion Coronavirus response package. The recent market disturbance in global financial markets has raised questionings on the price growth for BTC/USD as it's prices are extremely volatile and are causing huge movements in the wake of risk sentiments in the market. Today, the BTC/USD continues to edge higher, mostly staying above $5,000, which is working as strong support for the Bitcoin. On the higher side, the resistance stays nearby $6,000, which is directing the BTC/USD prices in a bearish tone. Support Resistance 5,168.9 5,652.15 4,881.23 5,847.73 4,397.98 6,330.98 Pivot Point 5,364.48 On Wednesday, the Bitcoin's trading range remains the same in the wake of the thin trading volume. The BTC/USD is exhibiting choppy sessions in between a range of 5,800 - 5,000. Today, 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. Today in the early Asian session, the EUR/USD currency pair found on the bullish track and taking bids near the 1.1040 mainly because the U.S. stocks futures flashing red. While the shared currency is looking to recover some attitude which was lost on Tuesday. As of writing, the EUR/USD currency pair is currently trading at 1.1038 and consolidates in the range between the 1.0985 - 1.1042. The reason behind the EUR declines could be the U.S. stock recovery, possibly in the wake of U.S. fiscal stimulus measures talks. As well as, the markets also offered the common currency after the disappointing German Zew survey, which was showing that investor confidence dropped to its lowest level since the financial crisis. Moving ahead, the EUR/USD currency pair could hit the deeper losses in the near term because the Eurozone economy seems to enter a slowdown. Notably, we would not be surprised if the pair tested 1.05 in the coming months, as per the latest comment from the Kathy Lien from B.K. Asset Management. Support Resistance 1.1096 1.1238 1.1024 1.1309 1.0882 1.1451 Pivot Point 1.1085 The currency pair dropped by 1.64% from 1.1180 to 1.0996 on Tuesday and confirmed the most significant single-day loss since June 14, 2018. The EUR/USD pair has violated the double bottom support level of 1.1085, and now this level is going to work as a resistance. Below this level, we can expect further selling in the EUR/USD currency pair. On the 4 hour timeframe, the pair has formed a bearish channel, which is likely to keep the pair in a selling mode. The major currency pair can find next support around 1.0950 and 1.0850, while resistance continues to stay at 1.1085 level today. During the Wednesday's Asian session, the GBP/USD currency pair flashing green and rose 0.47% to 1.2115 from the multi-week low as the greenback buyers taking a breath after the previous day sharp rise in USD. As the press time, the GBP/USD currency pair is currently trading at 1.2098 and consolidates in the range between the 1.2050 - 1.2129. At the coronavirus front, the Coronavirus (COVID-19) outbreak increased sharply in the UK as the latest death of the 45-year-old propels rally to 71 with expectations of 55,000, as per the latest report. However, the UK Chancellor Rishi Sunak declared £330 billion incentives on the previous day whereas the UK Prime Minister Boris Johnson compared the struggles against the virus to war-time readiness. Despite this, the UK measures are rated as less helpful as compared to the US actions on the COVID-19. Moreover, the Financial Times showed that the UK Government sources confirmed the cancellation of the next step of Brexit discussions that were to begin from today. As well as, the report also put doubts regarding the UK PM Johnson's Brexit deadline of December 31, 2020. Support Resistance 1.199 1.2256 1.1864 1.2396 1.1724 1.2522 Pivot Point 1.213 The GBP/USD proceeds to trade bearish for almost the seventh consecutive trading day as it's the price has dropped from 1.3200 to 1.2020 in these few days. In the daily timeframe, the GBP/USD pair has closed another bearish engulfing pattern, which is suggesting further selling bias until 1.1975 and 1.1864 level. The RSI is staying in an immensely oversold zone and surely needs a fundamental, which helps stop the bloodshed in the GBP/USD pair. On the higher side, the GBP/USD prices may find resistance at 1.2130 today. Let's look for selling trades below 1.2130 level today. Good luck!

The dollar continues to trade bullish, despite the dovish monetary policy decision from the Federal Reserve. On Sunday, the U.S. Federal Reserve declined interest rates to near-zero, and the dollar showed a slight drop on the news. However, the move drove away from the yield on holding dollars and with it much of their appeal. Despite the Fed's 100-basis-point reduction and competitive liquidity standards, the cost of borrowing the greenback internationally - revealed in cross-currency swaps - has continued to surge. The greenback has historically grown bullish momentum in the markets as the increased level of uncertainty has driven the safe-haven appeal in the U.S. dollar. Economic Calendar The BTC/USD price sank to $3,700 for a short time on March 12, concluding the day at $4,970. By March 13, the price increased from the significant downtrend, closing the day at $5,563 and dispensing an exciting return of more than 11%. The fresh market turbulence, whether in forex markets or the cryptocurrencies, has elevated inquiries on the price growth for Bitcoin, as well as its fundamental network characteristics. The markets have been extremely volatile, which are making traders unusual weather to treat Bitcoin a safe haven currency or not. The BTC/USD price is revealing a couple of scenarios expected to transmit most traders at risk and dilemma. On Monday, the BTC/USD continued to trading above $5,000, which currency marks crucial support. On the higher side, the resistance stays around $6,000, which is keeping the BTC/USD prices in a bearish mode. Support Resistance 4,484 5,337 4,033 5,738 3,180 6,591 Pivot Point 4,886 The trading in Bitcoin has mostly remained the same as its prices continue to trade in a trading range of 5,800 - 5,000. The leading cryptocurrency can drop further in case of a bearish breakout of 5,000 support, which can lead its prices towards 4,106. Conversely, the bullish breakout of 5,835 can lead the BTC/USD prices towards 6,345. Today in the early Asian session, the EUR/USD currency pair flashing green and stops its 4-day losing streak but still trading below the 1.12 level after Federal Reserve easing on Monday. As of now, the pair is struggling to cross the convincing break above the 1.12 level. At the time of writing, the EUR/USD currency pair is currently trading at 1.1180 and consolidates in the range between the 1.1159 - 1.1189. As we all well aware that the Federal Reserve (Fed) delivered an emergence rate cut of 100 basis points and announced a quantitative easing in the form of at least $700 billion of asset purchases. Whereas, the central bank's aggressive incentive managed the uncertainty in the Eurozone, which is caused by the coronavirus outbreak drew offers for the greenback. From the technical perspective, the EUR/USD currency pair defended key Fibonacci support at 1.1061 for the third straight day on Monday, while the bulls failed to create steady bullish progress above 1.12 so far. It should be noted that the convincing break above that psychological resistance may continue difficult on Tuesday, mainly because the S&P 500 futures are currently showing to risk reset with 3.3% gains. Moreover, if the equities in Europe and the U.S. pick up a bid, the safe-haven demand for the single currency could weaken. Support Resistance 1.1096 1.1238 1.1024 1.1309 1.0882 1.1451 Pivot Point 1.1166 The EUR/USD is trading in a selling tone nearby 1.1146, as it had previously examined the horizontal support mark of 1.1050. On the 4 hour chart, the EUR/USD has created a neutral candle which is suggesting neutral bias amount traders, and it seems like they are waiting for the Eurozone German Economic Sentiment figures to determine the next movement. The 50 periods EMA is extending resistance at 1.1200, and it's keeping EUR/USD in a selling mode. The EUR/USD may observe a critical resistance at 1.1200 level today. The RSI is still staying in the into the bullish zone, implying the chances of a bullish trend in the EUR/USD. Today, let's keep the focus on 1.1166 level as below this selling can be seen until 1.1100 and 1.1056. During the Asian session, the GBP/USD currency pair is flashing red and dropped to 1.2231, representing 0.24% decline on the day mainly due to rising coronavirus cases. Traders seem to await well-expected stimulus measures by BOE to control the pandemic, as well as the traders, keep their eyes on the U.K. employment data for fresh impulse. As of writing, the GBP/USD is trading at 1.2233 and consolidates in the range between the 1.2230 - 1.2275. Due to the 18 new deaths in the previous 24 hours, the GBP/USD currency pair is trading bearish as the government gave the wrong strategy to control the disease. So, from now, the Tory administration will take measures to correct the mistake with much care. Looking forward, the U.K. PM Boris Johnson will likely use some strong words during his daily coronavirus press conference. However, the presence of Chancellor Rishi Sunak will be vital for them who is expected to show a significant financial package on Tuesday for firms hit by the coronavirus outbreak as per the latest report. Moreover, February's U.K. employment data, as well as the U.S. Retail Sales, are likely to be significant economic events to watch. The labor market has remained stable in the U.K. despite increasing uncertainties. Support Resistance 1.2189 1.2362 1.211 1.2454 1.1938 1.2626 Pivot Point 1.2282 The GBP/USD continues to trade bearish for another day as it's the pricing has dropped from 1.2280 to 1.2220. In the daily timeframe, the GBP/USD pair has formed a Doji pattern, which was supposed to support the Cable and drive bullish bias, but eventually, the pair doesn't seem to halt it's selling trend. The RSI is still holding ina selling zone and has a vast potential to drive further selling in the GBP/USD pair. On the lower side, the GBP/USD prices may drop until 1.2116 today or in the days coming ahead. So we should look for selling trades below 1.2282 level today. Good luck!

On Monday, the global stock markets and the dollar were slipped lower following the Federal Reserve rate cut decision in an emergency move, and its significant rivals extended cheap U.S. dollars to help a rash logjam in worldwide lending markets. On Monday, the G7 meeting and BOJ Press Conference will remain in highlights as investors will be expecting Bank of Japan to introduce some kind of monetary stimulus to cope up with the coronavirus. Likewise, any policy update from G7 nations will also help us determine further trends in the market. Economic Calendar The BTC/USD price declines over $5,000 as sideways trading begins across the crypto market. The creation of a bearish flag pattern offers new risks with BTC/USD expected to trade bearish under $5,000 and $4,000, respectively. The BTC/USD price is displaying a couple of situations expected to leave most traders in uncertainty and dilemma. The whole weekend session saw $5,000 stand out as crucial support. Even though an attack at $6,000 abandoned to evolve in additional gains, though, losses were settled over $5,000. This has displayed some resemblance of stability for the leading cryptocurrency by market capitalization, and that's why some bulls are considering reentering the market and contribute to pulling the price over $6,000. Support Resistance 5,024.56 7,114.43 4,252.86 8,432.6 2,162.99 10,522.47 Pivot Point 6,342.73 On Monday, the Bitcoin is trading in a narrow trading range of 5,800 - 5,000 despite major decisions from the Federal Reserve regarding interest rate cut. The leading cryptocurrency can drop further in case of a bearish breakout of 5,000 support, which can lead its prices towards 4,106. Conversely, the bullish breakout of 5,835 can lead the BTC/USD prices towards 6,345. Today in the early Asian session, the EUR/USD currency pair flashing green and trading above the 1.1100 level mainly due to the broad-based U.S. Dollar weakness, as the United States Federal Reserve's delivered the rate cut continues to keep the greenback under pressure. At the press time, the EUR/USD currency pair is currently trading at 1.1121 and consolidates in the range between the 1.1077 - 1.1200. Despite the fresh rate cut and Quantitative Easing announcement by the Fed, the market sentiment remains sluggish due to the intensifying concerns about a global recession in the wake of the coronavirus outbreak, because investors are still cautious over whether the globally coordinated policy action will likely help to recover the market sentiment. At the report front, the Fed cut the key rates to zero and announced that it would increase its bond holdings by $700 billion. Markets were caught unprepared by another unexpected move by the Fed, as they started the week early Monday. Support Resistance 1.1033 1.1199 1.0961 1.1294 1.0794 1.146 Pivot Point 1.1127 On Monday, the EUR/USD is trading in a bearish mode around 1.1146, as it had already tested the horizontal support level of 1.1050. On the 4 hour timeframe, the EUR/USD has formed a bullish engulfing pattern that has extended slight support to Euro, but at the same time, the 50 periods EMA is keeping the EUR/USD demand under pressure. The EUR/USD may find an immediate resistance around 1.1200 level today. The RSI is heading into the bullish zone, suggesting odds of a bullish correction in the EUR/USD. Today, let's keep an eye on 1.1128 level as above this buying can be seen until 1.1200 level and selling below the same level. Today in the early Asian session, the GBP/USD currency pair stop its 4-day losing streak and rose to 1.2340, representing 0.50% gain on the day, mainly due to the broad-based U.S. Dollar weakness after the United States Federal Reserve's unexpected rate cut which continues to keep the greenback under pressure. As of writing, the GBP/USD currency pair is currently trading at 1.2334 and consolidates in the range between the 1.1077 - 1.1200. At the report front, the U.S. Federal Reserve declared a surprise rate cut to 0.25%, in addition to $700 billion worth of Quantitative Easing (Q.E.), during the early Asian session. Markets were unprepared by another unexpected move by the Fed, as they started the week early Monday. The global central bankers, including the Fed, BOC, BOJ, ECB, and SNB, joined to lower pricing on standing U.S. dollar liquidity swaps by 25 basis points while central banks will offer greenback swaps with an 84-day maturity, in addition to existing one-week operations. However, the moves were appreciated mainly by the BOE policymakers, while the U.K. central bank is still considered slow to counter the coronavirus (COVID-19) pandemic. It is worth mentioning that the global markets remain sluggish despite the Fed, and the RBNZ announced an unscheduled rate cut while the BOJ is in the pipeline. As in result, the risk-tone remains on the back foot with the U.S. treasury yields falling almost 30 basis points while markets in Asia also flash losses by the press time. Support Resistance 1.2151 1.2513 1.2025 1.275 1.1663 1.3113 Pivot Point 1.2388 On Monday, the GBP/USD is trading slightly bullish around 1.2350 level as it seems to recover from 1.2250 support level to 1.2380. However, the Cable is still holding below the pivot point level of 1.2380, which may place selling pressure on Cable. Below this, the pair has the potential to trade in a selling mode and test the next support level of 1.2250. A bearish breakout of 1.2250 level can drive more selling until 1.2096 level. Conversely, the bullish breakout of 1.2380 level can extend buying until 1.2530 and 1.2600. Good luck!

On Friday, the U.S. dollar stood tall as traders pushed for the world's most liquid currency amid intensifying panic regarding the Coronavirus while the euro aided losses following the European Central Bank disappointed traders by not lowering the interest rates. The market is likely to trade on mixed sentiment despite a list of European economic events that are due to come out during the European session today. Coronavirus panic is sharing the stage and has become the main highlight of these days, overshadowing economic events. Economic Calendar Economic Calendar The BTC/USD price fell to $3,864 (new 2020) lows amid a massive cryptocurrency selloff. The breakdown, which occurred late February following Bitcoin price hit its 2020 high at $10,533, was connected to the fatal Coronavirus. Nevertheless, market volatility and panic tried to take advantage to drive one of the most serious selloffs in the cryptocurrency market with the BTC/USD plunging to $3,864 Bitcoin sellers have not left any stone unturned to reach $3,000 zone. The selloff in the whole cryptocurrency market has also entered extreme levels with higher than $110 billion washed off like a spot of dirt on white linen. Support Resistance 5,024.56 7,114.43 4,252.86 8,432.6 2,162.99 10,522.47 Pivot Point 6,342.73 The Bitcoin is having one of it's worst days, as it's price dipped dramatically from 8,000 marks to 3,750. On the higher side, the leading crypto pair may find resistance around 6,350 levels while the support continues to stay around 3,750. Violation of this level can extend selling until the 3,200 mark. The sentiment is mixed, and it's hard to say which side the market is going to move due to coronavirus panic. The EUR/USD currency pair continues to flash green and hit the above the 1.12 level and could continue to trade bullish mainly due to intensified fears of the global slowdown in the wake of on-going deadly Coronavirus. The EUR/USD is currently trading at 1.1220 and consolidates in the range between the 1.1153 - 1.1221. As we all well aware that most of the government took drastic measures across Asia and Europe to lock down their cities at the expense of their economies, the Quarter-1 period will be a dark one for most countries. Whereas economists at JP Morgan have updated lower U.S. gross domestic product (GDP) forecast to -2 percent annualized growth in the 1st-quarter of 2020, and -3 percent in the 2nd-quarter. The world's second-largest economy is expected to enter a recession in 2020. Traders are cautious and continue to invest their money into safe-haven currencies like the EUR. The shared currency becomes a new safe-haven currency, which is not surprising because a huge Eurozone current account surplus supports it, and the European Central Bank is running a negative interest rate policy. Support Resistance 1.1045 1.1309 1.0918 1.1447 1.0654 1.1711 Pivot Point 1.1182 The EUR/USD is trading bearish at 1.1260, as it had already completed the 61.8% Fibonacci retracement at 1.1086 level yesterday. Closing of the neutral candle on the daily timeframe suggests indecision among traders. However, this level is now likely to extend support around 1.1086 along with resistance around 1.1250 and 1.1345 level today. The GBP/USD currency pair hit the 5-months low of 1.2550, representing 0.17% losses on the day mainly due to intensifying Coronavirus (COVID-19) fears. The Brexit pessimism is also weighing on the pair's movement. At the press time, the GBP/USD is trading at 1.2550 and consolidates in the range between the 1.2506 - 1.2600. The intensifying outbreak of the deadly virus shaken the global market very severely while the United Kingdom Prime Minister Boris Johnson considered it the worst for a generation. Such as the EU-UK Brexit trade deal talks already canceled due to Coronavirus that was set to start in London from the next week, although both sides showed a willingness to provide legal reports in the meantime. On the other hand, the chancellor Rishi Sunak is expected to take a U-turn from the previous decision about tax hike as per the latest news while the previous tax-raising plans were held in the wake of the coronavirus crisis. At the virus front, the risk sentiment in the market is getting worst day by day due to intensifying Coronavirus. The latest one came after the BOJ injected 700 billion Japanese yen. As in result, the U.S. ten-year treasury yields recover to 0.82% with S&P 500 Future rising 1.0%. However, stocks in Asia continue to flash red. Support Resistance 1.2436 1.2774 1.2295 1.297 1.1957 1.3308 Pivot Point 1.2633 On Friday, the GBP/USD is trading with a strong bearish bias as investors continue to price in the BOE interest rate cut decision. As of now, the GBP/USD is trading at 1.2515, and it has already entered the oversold zone, which means sooner or later, we may see some bullish correction in the market. Closing of the bullish candle on the 4-hour chart is suggesting chances of a bullish retracement in the GBP/USD pair. In that case, the pair can head toward the north to complete a 38.2% Fibonacci retracement level around 1.2675 level. Continuation of a bullish bais can lead it's prices further higher towards 1.2720 today. Good luck!