On Thursday, the U.S. dollar was absorbing up funds during the Asian session following an abrupt and sudden drop in the Japanese yen. Its safe-haven status is being called into question, and eventually, it's spooking traders out of local assets.

Moreover, China announced a reduction in new diseases on Thursday. Still, experts advised the pathogen may grow more quickly than earlier believed as two aged passengers from a ship detained in Tokyo is the one who died recently.

Therefore, the market sentiment remains risk-off, and investors may continue trade with stronger dollar sentiment. 

Economic Calendar 

BTC/USD - Daily Analysis 

The BTC/USD price was incompetent to stay over the psychological support level of $10,000 and dropped below this. Yesterday, the leading Bitcoin pair tried to break above the resistance level of 10,400 level, but it couldn't break through a $10,400 mark. 

This bearish rejection triggered a corrective movement to $9,450, extending a $400 gap behind. Following BTC/USD sharp correction, many altcoins are also showing correction of more than 10% during the weekend. 

BTC/USD - Daily Technical Levels

Support     Resistance 

9,777.14       10,435.42

9,366.01      10,682.57

8,707.73      11,340.85

Pivot Point 10,024.29

BTC/USD – Daily Forecast

The BTC/USD failed to break above 10,250 resistance level and fell to trade at 9,565. The four hourly candles close is bearish in nature, but the bulls also entered the market during ending minutes, which reflects the odds of bullish correction in the BTC/USD. On Thursday, the BTC/USD is likely to find solid support around 9,467, and violation of this can extend selling until 9,115. On the higher side, the resistance is expected to be found around 9,725 and 9,966.

EUR/USD – Current Account In Focus 

On Thursday, the EUR/USD is trading with a neutral bias at 1.0796, losing around -0.07% since the trading day has begun. A day before, the single currency Euro has originally attempted to rally through the trading session, but it continues to grapple on rallies.

Quite honestly, the Euro is trading in an oversold region in the short term. Therefore I would hesitate to look for further selling at this point. We have just filled a part of a gap, so that is sure a trading area to pay attention. 

The Euro is crawling a bit higher versus the greenback after placing a multi-year low during the previous sessions. The reversal rally is expected to be fueled by the belief that the influence of the coronavirus disease on the global supply chain would be temporary.

The Eurozone reported a current account surplus equivalent to 3.1% of its GDP (gross domestic product) from the previous year, mostly stable from 2018, the European Central Bank announced on Wednesday. Currently, the EUR/USD should proceed to see sellers above 1.0700, so I think that it's better to take a trade when sellers get exhausted.   

EUR/USD - Daily Technical Levels

Support Resistance 

1.0788      1.0818

1.077         1.083

1.074        1.0859

Pivot Point 1.08

EUR/USD – Daily Forecast

The EUR/USD pair is consolidating with a bearish bias, maintaining narrow sideways trading of 1.0815 - 1.0775. A bearish breakout of 1.0775 can lead the EUR/USD prices towards the next target level of 1.0670. Whereas, the bullish breakout of 1.0815 may open further room for buying until 1.0840/55. 

The bearish bias remains dominant today, but the ECB Monetary Policy Meeting Accounts will be in focus to determine further movements in the market.

GBP/USD - U.K. Retail Sales Ahead

The GBP/USD has initially traded above the 1.30 level; however, it broke down on the lower side despite the release of good economic figures. Eventually, the market is declining, but presumably indicates the U.S. dollar is exhibiting a bullish momentum, pulling the pair lower. 

The Sterling has done reasonably well against other currencies, but it's trading sideways versus the U.S. dollar. It's mostly because both of the currencies are stronger. So at this time, if you are trying to trade the British pound to the bullish side, you should plausibly do so versus other forex currencies such as the Aussie and Japanese yen.

This is a market that is struggling a little, but I do believe that there is a notable amount of support below that should give plenty of fight.

The U.K. Retail Sales, expected to rise 0.7% against 0.9% prior, will be closely watched to verify the latest bullish bias after positive prints of inflation and employment data. On the other hand, the U.S. Philadelphia Fed will also be the key to watch because traders want to confirm the greenback's strength in the wake of the coronavirus outbreak.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2879      1.2995

1.2835      1.3067

1.2719      1.3183

Pivot Point 1.2951

GBP/USD – Daily Forecast

The GBP/USD is trading with a bearish bias, falling below the pivot point support level of 1.2950. Below this level, the Sterling has the probability of dropping further until 1.2870 at the initial support level. Violation of this level can extend the bearish trend until the next support area of 1.2800.  

The 50 periods EMA is a bit far from the current market price, and it may extend resistance around 1.3000. The RSI and Stochastics are lingering in a bearish region, lifting chances for a sell trade. Let's look for selling positions below trades below 1.2951 today to target 1.2905. 

Good luck!