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BTCUSD, EURUSD and USDJPY Forecasts, March 3, 2020
BTCUSD, EURUSD and USDJPY Forecasts, March 3, 2020
Posted

By - Jamel Lahiani

Posted - 03-03-2020
  • The BTCUSD is bearish quite at short term. Sell
  • The EURUSD is bearish quite at short term. Sell
  • The USDJPY is ranging quite at short term. Buy

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.

BTCUSD

FOREX Market Insights
The stock markets rebound on Monday by important jump following last week’s steep sell-off sparked by
fears about the coronavirus. The Crude oil rebounded also by a correction movement. The rebounding
movement is explained by a consolidation movement following a sharp decline.

Today in Focus
Today, we have a high impacts published indicators and events:

AT 10H00GMT: The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone.

BTCUSD

GRAPHIC 1: BTCUSD HOURLY CHART (MARCH 3, 2020)
The BTCUSD chart has a bearish quite movement with resistance at the top of the graphic. The chart
breaks the MA14 blue line and closes to the downside. The Bitcoin is more weakened by the Coronavirus outbreak than the US dollar because it is virtual money and more elastic to the market psychological factors. So, it is expected profitable to sell this pair if a candle pullback from the red resistance line to the downside. Otherwise, if a candle closed above the red resistance line, a buy order will be expected profitable.

BTCUSD

GRAPHIC 2: EURUSD HOURLY CHART (MARCH 3, 2020)
The EURUSD pair has a bullish volatile movement between the red resistance line at the level of 1.11773 and the green support line. The chart pullback from the red resistance line and closes to the downside. So, a sell order will be profitable if a candle closes under the MA14 blue line. While it is expected profitable to buy this pair if a candle closes above the red resistance line.

BTCUSD

GRAPHIC 3: USDJPY HOURLY CHART (MARCH 3, 2020)
The USDJPY pair has a ranging quite movement inside the blue-colored channel. The consolidation
movement becomes after a huge decline resulting from the coronavirus impact on the Japanese Yen.
So, the best strategy is to sell at the top when a candle pullback from the top of the range and to buy
at the bottom when a candle pullback from the bottom of the range. If a candle closes outside of the
range then just follow the market.

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