Daily F.X. Analysis, March 02 – Eyes on U.K. Manufacturing PMI Figures! 

On Monday, the index is looming the range of 4-week lows in around 98.00 level, as traders continue to price in the possible rate cut by the Federal Reserve (even ahead of the FOMC meeting) on March 17-18.

 The greenback, in terms of the U.S. Dollar Index (DXY), has begun the week well into the opposing area and tested fresh lows in the region of 97.80, where sits the vital 200-day SMA. On the news side, eyes will remain on the U.K. manufacturing PMI figures. 

Economic Calendar  

BTC/USD - Daily Analysis 

The BTC/USD price has confident inception to the week's trading as it's price increased during the Asian session on Monday amid the bullish building momentum. The BTC/USD is edged higher around 1% while trading at $8,614. 

The BTC/USD price has elevated upwards from an initial price of $8,525.75, although it also registered an intraday low of $8,485.52.

The daily graph reveals Bitcoin trading beneath the moving averages where the 200-day SMA is narrowing upward progress at $8,760.46 and the 50-day SMA keeping the ground at $9,276. 

The 61.8% Fibonacci level of the previous swing high at $10,537 to a swing low of $6,438.93 will further limit the profits towards $9,000.

BTC/USD - Daily Technical Levels

Support    Resistance 

8,521.14      8,916.46

8,281.9       9,072.54

7,886.58    9,467.86

Pivot Point 8677.22

BTC/USD – Daily Forecast

On Monday, the Bitcoin prices continue to trade around the support level of 8,475. Whereas, the 50 periods EMA extends resistance around 8,745 area. A bearish breakout of 8,473 can lead to BTCUSD prices toward the next support area of 8,224. While the RSI and other leading indicators still hold in the selling zone.

EUR/USD – Final Manufacturing PMI

The direct currency pair EUR/USD has opened higher to trade around 1.1045 in the wake of profit-taking in the U.S. dollar. Previously, the single currency Euro grew to one-month highs of $1.1074, and last held at $1.1050, adding around 0.3% so far during the Asian session, followed by a 1.7% surge last week. 

The common currency's bullish momentum derived from the unwinding of so-called Euro carry trade, in which traders acquire the Euro to spend in higher-yielding currencies, and consequently, the European economy continues to suffer, and inflation remains low.

The reports of further coronavirus cases in the United States threatened the observed health of the U.S. economy and supported the Euro and other major currencies versus the greenback. Later in the day, eyes will remain on the Eurozone's manufacturing PMI figures, which may help us determine further trends of the market. 

EUR/USD - Daily Technical Levels

Support Resistance 

1.0968      1.107

1.0908      1.1113

1.0806      1.1215

Pivot Point 1.101

EUR/USD – Daily Forecast

The EUR/USD seems to form a Doji candle on the daily timeframe, which may trigger the bearish retracement until next support areas of 38.2% and 61.8% levels of 1.1029 and 1.1005. Whereas the 28.2% Fibo level of 1.1029 may extend support, which can be strong enough to trigger a bounce off in the EUR/USD pair. On the higher side, resistance continues to stay at 1.1076 today.

GBP/USD - Mortgage Approvals

The GBP/USD gains 0.06% to 1.2830 from the mid of October 2016 lows while traveling into the London open on Monday. While risk reset appears to have been following the latest pullback, the Cable investors will carefully examine the official Brexit trade agreement discussions, starting from today. Moreover, the U.K. official PMIs and the U.S. PMI will be in focus for near-term trends.

A slight bullish correction in the GBP/USD came amid a weaker dollar index. The index is looming the range of 4-week lows in around 98.00 level, as traders continue to price in the possible rate cut by the Federal Reserve (even ahead of the FOMC meeting) on March 17-18.

Through his public presentations at the weekend, the UK PM Boris Johnson was quoted by the U.K. Mirror, stating that it is expected that the Covid-19 coronavirus will develop a "bit more" as the number of verified cases surged from 23 to 35. Following that, the British health director Matt Hancock admitted procedures to isolate cities, if needed, to prevent the spread.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2722      1.2916

1.2627      1.3015

1.2432      1.3209

Pivot Point 1.2821

GBP/USD – Daily Forecast

During the previous week, the GBP/USD traded with a selling bias to test the support area of 1.2720, but the Monday trading session brought bullish correction in the GBP/USD figures. The GBP/USD pair crosses over the pivot point resistance level of 1.2821, which is now working as a support. 

On the 4 hour timeframe, the 50 EMA is staying at 1.2920 level while the GBP/USD prices are holding around 1.2830, over the pivot point, which suggests bullish bias among investors. 

The GBP/USD may trade bullish over 1.2821 until the next resistance level of 1.2945, while support can be found around 1.2723 level. Good luck!