By - Jamel Lahiani
Today our analysis will be concerned with:
BTCUSD (Bitcoin /US Dollar) the most popular cryptocurrency in the world exchanged to the US dollar. Bitcoin price grew significantly within a short period of time making the BTC/USD pair quite popular among active traders and investors.
EURUSD (Euro /US Dollar) is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999. GBPUSD (British Pound /US Dollar) is the value of the British Pound against the US Dollar. It tells traders how many US Dollars are needed to buy a British Pound. The Pound-Dollar is one of the oldest and most widely traded currency pairs in the world.
FOREX Market Insights
A huge downward movement of the international stock markets on Tuesday as the coronavirus spread
further around the world and investors harry away from risky assets and money. The negative economic
impact of coronavirus outbreak was fueled by the interconnectivity of the world.
Today in Focus
Today, we have a high impacts published indicators and events:
AT 15H00GMT: The US number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRAURY 26, 2020)
The BTCUSD chart has a bearish volatile movement inside the colored channel. The chart moves under the MA14 line in blue color with a breakout rejection at the top. It appears that the Bitcoin is more weakened by the Coronavirus outbreak than the US dollar. So, it is expected profitable to sell this pair if a candle closes under the half limit of the channel. Otherwise, if a candle closed above the top of the channel, it is gainful to buy this pair.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 26, 2020)
The EURUSD pair has a bullish volatile movement between the red resistance line and the green support line. It is expected profitable to buy this pair when the candle pullback from the support limit at the bottom. While a sell order will be profitable if a pullback occurred from the resistance line at the top.
GRAPHIC 3: GBPUSD HOURLY CHART (FEBRAURY 26, 2020)
The GBPUSD pair has a bearish quit movement between the red resistance line and the green support line. The chart breaks MA14 line in blue color and closes to the downside. So, it is expected profitable to sell this pair. The sell order will be more profitable if a candle closes under the green support line. Otherwise, if a candle closes above the red resistance line a buy order will be gainful.
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