On Friday, the market is looking to trade the manufacturing PMI figures from Eurozone, U.S., and U.K. That's all the events that will be driving price action in the market today. 

Besides, the market continues to trade the risk-off sentiment in the wake of Coronavirus. The virus has killed over 2,200 people in China and struggles to contain it have primarily paralyzed the world's second-biggest economy. On Friday, South Korean officials verified 52 new coronavirus diseases, Yonhap reported, producing its total to 156 and boosting the further alarm about the disease. Brace for trade plans.

Economic Calendar 

 BTC/USD - Daily Analysis 

The BTC/USD caught many traders off guard as a strong bearish reversal triggered was somewhat unexpected. The leading cryptocurrency had recovered well from the President's Day weekend retracement and was trading both ways in the $10,200 trading range. 

The BTC/USD found support at the 9,500 mark as we can observe on the chart below. This does not prevent the point that there was a lower high lower low that has been formulated.

Below that, just around the 9,000 mark is the next support region. 

Right now, the traders will be looking to see what occurs on the trendline retest. The BTC/USD fell to test a support level of 9,395, and closing of 4-hour candle above this level is extending support to bullish reversal sentiment.

BTC/USD - Daily Technical Levels

Support      Resistance 

9,455.4        9,727.39

9,300.25     9,844.23

9,028.26   10,116.22

Pivot Point 9,572.24

BTC/USD – Daily Forecast

The BTC/USD fell to test a support level of 9,395, and closing of 4-hour candle above this level is extending support to bullish reversal sentiment. On the higher side, the pair is likely to face resistance at 9,800, which is extended by the 50 periods EMA. 

Continuation of a bullish trend may lead to BTC/USD prices towards 10,000 while the support continues to stay around 9,485 and 9,395. The MACD is still forming histograms below 0 level, suggesting odds of bearish bias for Bitcoin.

EUR/USD – Manufacturing & Services PMI 

The latest drop in EUR/USD lead pair ran into a fresh multi-year low and filled a gap which gab be seen on the chart. The EUR/USD gap on the weekly graph between the April 17 candle (1.0777) and the low of the April 24 candle (1.0820) was triggered when Emmanuel Macron succeeded in the first series of the French Administrative election. While the sentiments are that the filling of the gap may offer the Euro a short-term respite versus the resurgent greenback. 

Today, the Eurozone and German manufacturing and services PMI figures may drive price action in the EUR/USD pair, and we may see the EUR/USD coming under resumed downside pressure. 

The Eurozone and German data published post-January PMIs that have shifted sharply lower. The EUR/USD pair continues to consolidate in narrow sideways trading of 1.0815 - 1.0775. Let's take a look at the technical outlook. 

EUR/USD - Daily Technical Levels

Support Resistance 

1.0768     1.0811

1.0751      1.0838

1.0708     1.0881

Pivot Point 1.0795

EUR/USD – Daily Forecast

The technical side of the market hasn't changed so far, but the bearish breakout of 1.0775 can lead the EUR/USD prices towards the next target level of 1.0670. While the bullish breakout of 1.0815 may open further room for buying until 1.0840/55. 

The bearish bias remains dominant today, but the focus will remain on the high impact economic events like manufacturing and services PMI from Eurozone, which is expected to pressure the EUR/USD demand.

GBP/USD - U.K. Manufacturing PMI 

The GBP/USD pair seems to retrace back after falling to 1.28500 support area. A day before, the British Pound dropped to a three-month low versus the greenback as the stronger U.S. dollar swept away fresh pound gains that were prompted by the appointment of a fresh, probably high-spending British finance minister.

The GBP/USD barely moved by economic figures dispensing a rebound in U.K. retail sales, edging momentarily higher before continuing its downward momentum. The GBP/USD pair slipped lower by 0.3% to trade at $1.2880, having earlier placed a low of $1.2849.

The British Pound had now dropped 1.4% this week, giving up all the profits it made last week when Rishi Sunak's employment as finance minister encouraged expectations the March 11 budget would add significant fiscal stimulus to support the economy. 

The greenback has climbed to three-year highs versus other major currencies, conferring no sign of retreat, as better U.S. economic growth and relative resistance to damage from the coronavirus break make it a global safe-haven currency. Eyes will remain on the U.K. Manufacturing figures to determine the next move in the GBP/USD. 

GBP/USD - Daily Technical Levels

Support Resistance 

1.2846     1.2924

1.2809     1.2963

1.2732      1.304

Pivot Point 1.2886

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!