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
Yesterday, US stocks bloom while European stocks fall after the World Health Organization declared the
China coronavirus a global emergency.
Today in Focus
Today, we have a high impact published indicators and events:
AT 10H00GMT: The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone.
AT 10H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services.
GRAPHIC 1: BTCUSD HOURLY CHART (JANUARY 31, 2020)
The BTCUSD chart has a bullish volatile movement with support at the level of 9344.23. The chart has
a higher high and higher low movement. It is expected profitable to buy this pair if the chart closes above the MA14 in blue color. Otherwise, if the chart closes under the support line in green color, it is gainful to sell this pair.
GRAPHIC 2: EURUSD HOURLY CHART (JANUARY 31, 2020)
The EURUSD pair has a bearish volatile movement with resistance at 1.10396 levels. The chart is going for a lower high and lower low movement. It is expected gainful to sell this pair when the chart is under the top of the colored channel. Otherwise, a buy order is expected profitable if the chart closes above the top of the colored channel.
GRAPHIC 3: GBPUSD HOURLY CHART (JANUARY 31, 2020)
The GBPUSD pair has a ranging quite movement and moving above MA14 in blue color. It is expected
profitable to sell this pair if the chart closes under the MA14 blue line. The downtrend becomes very strong if the chart closes under the bottom limit of the range. Otherwise, if the chart closes above the top limit of the range, the suitable strategy is to buy this pair.
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