Bitcoin Recovering Gradually while EUR/USD Crashes to a 3-year Low
Published on: 03/20/20 9:04 AM
The third week of March 2020 has seen the EUR/USD crash below 1.0777, a 3-year low. The price crash results from the increasing demand for the US dollar and the weakness of the euro caused by the ECB announcement of a new QE program worth €750 billion. In the Crypto world, Bitcoin recovers gradually after dropping below $4,000 last week. Forex Broker comparison service, FXBrokerFeed, brings you the latest news updates and comments in the FX Broker Market.
US Dollars Appreciates, EUR/USD Crashes
The US dollar
continued its bullish streak for the most of this week amidst the continuous battle to curtail the coronavirus pandemic. Most currencies suffered a loss against the US dollar, with the EUR likely one of the worst losers.
Following the development, the EUR/USD
traded below the 1.0777 price zone. It is reportedly the lowest it has traded in the last 3 years. Experts say that the rise in the US dollar is due to the elevated demand for the currency. Also, the ECB announcement of a new program worth €750 billion contributed to the weakening of the euro.
Forex analysts predict that the price of EUR/USD will still fall, owing to indications from technical indicators like SMA and RSI. The SMA shows a general downward trend with market price currently below the 50, 100, and 200 SMAs. From the RSI indicator, it is clear that the pair is oversold. Many traders are now monitoring the market situation closely to ensure they remain in profit.
Bitcoin Breaks the $5,450 Resistance
The Bulls seems to be in charge this week, as Bitcoin recovers from last week’s dump. Recall that the cryptocurrency dropped below $4,000 last week.
The pair broke the $5,450 resistance on Thursday, after multiple trials. Although the price dropped since then, experts believe that Bitcoin
may break the $5,700 resistance as well. They predict a bullish run should that happen.
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