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. USDJPY (US Dollar / JAPANESE YEN) is one of the most traded pairs in the world. The relative value of these currencies is mostly affected by the interest rate differential between the Federal Reserve and the Bank of Japan.
FOREX Market Insights
The EURUSD pair continues its rally and dipped below 1.0780, the lowest record since April 2017. The US dollar dominates the board amid an upbeat economy and coronavirus headlines. The Euro was weakened by lower consumer confidence in Germany; the eyes are to the ECB’s minutes today.
Today in Focus
Today, we have a high and low impact published indicators and events:
AT 12H30GMT: ECB Monetary Policy Meeting Accounts
AT 13H30GMT: The Initial Jobless Claims released by the US Department of Labor is a measure of the number of people filing first-time claims for state unemployment insurance.
GRAPHIC 1: BTCUSD HOURLY CHART (FEBRAURY 20, 2020)
The BTCUSD chart has a ranging volatile movement between the red resistance line and the green support line. It is expected profitable to sell this pair if a candle pullback from the red resistance line at the top. Otherwise, if a candle pullback from the green support line at the bottom a buy order will be expected profitable.
GRAPHIC 2: EURUSD HOURLY CHART (FEBRAURY 20, 2020)
The EURUSD pair has a bearish volatile movement inside the red channel. The chart is going for a lower high and lower low movement and crosses MA14 in blue color to the downside. It is expected gainful to sell this pair when a candle pullback from the top limit of the channel, the Stoch RSI indicator is more than 80 and the red line crosses the blue line. Otherwise, a buy order is expected profitable if a candle closed above the top limit of the channel.
GRAPHIC 3: USDJPY HOURLY CHART (FEBRAURY 20, 2020)
The USDJPY pair has a bullish volatile movement. The chart is going for a higher high and higher low
movement above MA14 in blue color. It is expected profitable to sell this pair if a candle closed under the green support line. Otherwise, if a candle closed above the top limit of the channel in green color, the suitable strategy is to buy this pair.
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