Daily F.X. Analysis, November 19– Top Trade Setups In Forex - European  Current Account In Focus! 

 The US Dollar fell after the uncertainties regarding the sign of phase-one deal by China & the United States prevailed in the market. The reports suggested that U.S President Donald Trump was reluctant to roll back tariffs, which weakened Dollar in the market amid the reduced possibility of successful phase-one deal signing. 

China has been forcing to remove tariffs from both sides as they work on the Phase-One deal. Although Donald Trump said that he has not agreed to remove tariffs in that deal, which has created uncertainty on the Phase-one deal settlement, let's took at the significant trade setups today...

Economic Calendar - German Buba Monthly Report

 BTC/USD - Daily Analysis

The stronger bearish bias has triggered further sell-off in the BTC/USD until the psychological trading level of $8,000. Breakout of the descending triangle pattern on the 4-hour chart seems to be the reason behind such price action. 

Earlier on the day, Bitcoin disappointed to recover $8,500 earlier today; its value has only extended to decline, sinking to as low as $8,104. At the moment, Bitcoin has tried a modest improvement to surge, but it's still trading around $8,215, down 4% during the 24 hours time span. 

While Bitcoin is witnessing a vital fall over the preceding seven days, dropping over 5%, the primary cryptocurrency is mostly flat over the preceding 30 days at press time.

BTC/USD - Daily Technical Levels

Support    Resistance 

8,586.2       9,134.95

8,354.76     9,452.26

7,806.01    10,001.01

Pivot Point 8,903.51

BTC/USD – Daily Forecast

The BTC/USD may continue to trade lower below 8,300 and bullish above 8,000 level today. In case the BTC/USD continues to drop below $8,000, then the next support is likely to be found around $7,700.

EUR/USD – Current Account Ahead 

The EUR/USD was closed at 1.10718 after placing a high of 1.10899 and low of 1.10510. Overall the movement for pair EUR/USD remained Bullish that day.

On Monday, the US Dollar fell after the uncertainties regarding the sign of phase-one deal by China & the United States prevailed in the market. The reports suggested that U.S President Donald Trump was reluctant to roll back tariffs, which weakened Dollar in the market amid the reduced possibility of successful phase-one deal signing. 

China has been forcing to remove tariffs from both sides as they work on the Phase-One deal. But Donald Trump said that he has not agreed to remove tariffs in that deal, which has created uncertainty on the Phase-one deal settlement. 

Statements from both sides have shown in past days that they were making progress, but the details on outcomes are yet to be revealed.

EUR/USD moved higher for the 3rd consecutive day on Monday amid the weak US Dollar. Reports also suggested on early Monday that China was hesitant to sign a Phase-one deal before Trump’s Impeachment results. This also supported the upward trend of EUR/USD at the starting day of the week and gave a high of 1.10899.

EUR/USD - Daily Technical Levels

Support    Resistance 

1.1054       1.109

1.1036      1.1108

1.1             1.1144

Pivot Point 1.1072

EUR/USD – Daily Forecast

As suggested, the EUR/USD exhibited buying to test the resistance level of 1.1090. Today continuation of buying trends can lead the EUR/USD prices towards 1.1125 areas. While support stays around 1.1065.

GBP/USD -  CBI Industrial Order Expectations

The GBP/USD pair was closed at 1.29507 after placing a high of 1.29850 and low if 1.29074. Overall the trend for GBP/USD remained Bullish on Monday. The pair GBP/USD was supported not only by the increased odds of UK Prime minister’s success in December elections but also with the decision to keep smaller parties out of the ITV’s election debate.

On the data front, the Rightmove HPI from the United Kingdom fell this month to -1.3% from the previous 0.6%. This showed that property listing saw the most significant annual fall since 2009, as PM Boris Johnson promises to end economic paralysis. 

The combination of Brexit and upcoming elections have weighed on the market, which resulted in a fall of a number of properties put up for sale in the UK to the lowest level of 10 years. This weighed on Pound on Monday. But, GBP/USD ended its term in Bullish trend on Monday due to increased uncertainty over US-China trade talks and ignored the Brexit and HPI Index.

China showed concerns over signing the Phase-one deal on Monday before the results of Trump’s Impeachment. Reports from Beijing suggested that China would wait to sign the deal before impeachment proceedings.

There were also reports of conflict over rolling out of tariffs between China & the US. China wanted to remove tariffs from both sides as working on the Phase-one deal, but Trump was reluctant to remove tariffs. This has created further uncertainty over the successful completion of the Phase-one deal and weighed on the US Dollar. The GBP/USD got support from weakened US Dollar on Monday and moved in a Bullish Trend.

GBP/USD - Daily Technical Levels

Support Resistance 

1.2922      1.2986

1.289        1.3018

1.2826      1.3081

Pivot Point 1.2954

GBP/USD – Daily Forecast

The GBP/USD also traded bullish to hit a second resistance level of 1.2970. With this, the GBP/USD pair has formed an ascending triangle pattern, which is keeping the GBP/USD on hold below 1.2975. For now, the GBP/USD may show bearish retracement until 1.2925 before pushing higher towards 1.2975. On the upper side, violation of 1.2975 can extend the bullish trend until 1.3015.

All the best for today.