On Tuesday, the investors focus stays on the U.K. labor market report and German ZEW economic sentiment. At the USD front, the greenback continues to gain support and hit the fresh 4-month high across its main competitors at 99.24 earlier today. It's mainly due to the market risk-sentiment getting worse time by time in the wake of intensifying coronavirus fears. Let's take a took at key trade ideas today. 

Economic Calendar 

BTC/USD - Daily Analysis 

The BTC/USD price was unable to endure the psychological hurdle of $10,000 and couldn't crack through the resistance level of $10,400. The failer to cross above this level caused a corrective movement to $9,450, placing around a $400 gap behind. 

As explained in a prior analysis, a retracement is still very strong for the market. The BTC/USD solely managed to climb from $6,900 to $10,400 in the preceding six weeks, which generally indicates a correction is around the corner. 

BTC/USD - Daily Technical Levels

Support    Resistance 

9,466.84       9,834.22

9,287.59     10,022.35

8,920.21     10,389.73

Pivot Point 9,654.97

BTC/USD – Daily Forecast

As anticipated, the BTC/USD pair traded in a bearish mode, falling to 9,400 area. For now, the BTC/USD pair is crossing over 20 EMA, which is driving the buying trend, and it's likely to lead Bitcoin prices towards the next resistance area of 9,935. 

At 9,935 area, the 50 EMA is likely to block Bitcoin's way to upside, and we may see selling below this level. However, in any case, the violation of the 9,935 level can extend the buying trend until 10,150. The RSI is also crossing over 50, which represents the buying trend in the Bitcoin.

EUR/USD – German ZEW Economic Sentiment

The EUR/USD currency pair continues to flash red and hit the fresh 34-months low level at 1.0823, mainly due to the broad-based U.S. Dollar strength. Traders keenly await the German ZEW economic sentiment report, which is scheduled to release today. The EUR/USD is currently trading at 1.0831 and consolidates in the range between 1.0823 - 1.0838.

At the USD front, the greenback continues to gain support and hit the fresh 4-month high across its main competitors at 99.24 earlier today. It's mainly due to the market risk-sentiment getting worse time by time in the wake of intensifying coronavirus fears. 

The greenback was mainly boosted after the Apple Inc. warning about its slow production and weakened demand in China due to the coronavirus outbreak. On the other hand, the EUR currency still trading under pressure due to rising fears of a slowdown in Germany. 

Whereas the German central bank, Bundesbank, reported in its monthly report on Monday, the economic growth may remain soft in the first quarter of 2020. This news added additional losses in the EUR currency bearish sentiment.

EUR/USD - Daily Technical Levels

Support Resistance 

1.0826      1.0848

1.0817      1.0861

1.0795      1.0883

Pivot Point 1.0839

EUR/USD – Daily Forecast

The bearish bias still looks stronger as the EUR/USD pair formed another bearish candle on the daily timeframe. The closing below 1.0925 level is extending selling bias, but what's scray for sellers is it seems to go further down until 1.0585 in the long run if it doesn't stop here.

Technically, the pair needs a reversal candle to initiate bullish correction, and we do not see it yet. Let's keep eyes on the 1.0838 area as below this; the EUR/USD may trade bearish.

GBP/USD - Average Earnings Index 3m/y

The GBP/USD currency pair dropped below the 1.3000 handles and registered minor losses mainly due to the Brexit uncertainty. Traders are cautious about placing any position ahead of the U.K. unemployment rate.

At the moment, the GBP/USD is currently trading at 1.2997 and consolidates in the range between the 1.2992 - 1.3011. However, the pair recently fell after the United Kingdom's Brexit negotiator David Frost fueled the probabilities of aggressive trade discussions between the European Union (E.U.) and Britain during the next month. Whereas, the broad-based greenback strength also sent the pair lower.

On the news front, the United Kingdom Boris Johnson's and the key negotiator David Frost were delivering opposing opinions while speaking at the Université libre de Bruxelles, during the early Asian session. 

Moreover, the Tory member delivers the same view as the Prime Minster Boris Johnson that the main reason behind the Brexit was freedom from the E.U. rules. Meanwhile, the diplomats are also showing a willingness to accept the Australia-style trade relations with the European Union only if the purpose of the Canada-type bond shows an excellent result. The pair bearish bias could be attributed to the Independent news surrounding the Tory Government's willingness for no-deal Brexit. 

At the coronavirus front, the market risk-tone is getting worse day-by-day, mainly due to the coronavirus fears, which provides support to the greenback as a safe-haven currency. Despite decreasing the pace of the death toll and infected peoples in China, the uncertainty and fears still surrounding the market, keeping the dollar supported.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2985      1.3038

1.2965      1.3072

1.2912      1.3125

Pivot Point 1.3018

GBP/USD – Daily Forecast

The GBP/USD has violated the bullish channel on the 4-hour timeframe, which was supporting the GBP/USD around 1.3010. The GBP/USD is now holding below this support become resistance levels, and it's pretty much likely to continue trading downward due to breakout of pivot point support. 

We can also see, the Cable has crossed below 50 periods EMA which is likely to keep the pair weaker until 1.2950 and 1.29150. At the same time, the RSI is also trading in the selling zone, suggesting odds of bearish bias in the GBP/USD. Let's look for sell trades below 1.3000 today to target 1.2925. Good luck!