On Thursday, the dollar held profits against the yen as growing concerns that a coronavirus break is converting into a pandemic sent traders to the safety of U.S. Treasuries. The greenback also traded around a three-month top against the British Pound in the wake of worries Britain's trade discussions with the European Union were delaying and dampened expectations for enormous fiscal spending. Most currencies remained locked in tight ranges as traders tensely monitor the global outbreak of the coronavirus that began in China. The virus is presently growing faster outside of China than inside, arousing concerns that the economic influence of travel curbs, supply chain interruptions, and falling markets might be far more significant than earlier anticipated. On Thursday, the focus will remain on the series of fundamentals from the U.S., especially the Prelim GDP q/q and Core durable goods.   The BTC/USD has exhibited terrible price action has on Wednesday. The market has shifted away from the highs observed on February 13. The BTC/USD is trading 3% lower on another day for crypto markets. The leading crypto pair has made a fresh lower high lower low pattern, and things could get more serious. The cryptocurrency exchanges were shaken a day before in the wake of a flurry of selling that noticed more than $190 million worth of longs and shorts liquidated on well-known derivatives exchange BitMEX. A day before, the BTC/USD market closes under 9,000, which is indicating odds of further selling in the Bitcoin until 8,500 area. For now, we must keep a focus on price action and a breach below 8.7K for the continuation of a selling trend. Support Resistance 8,672.12 8,748.31 8,632.9 8,785.28 8,556.71 8,861.47 Pivot Point 8,709.09 The BTC/USD traded as forecasted in the previous update. The BTC/USD continues to trade with a bearish tone after a violation of the symmetric triangle pattern, which can lead the Bitcoin prices towards the next support level of 8,476. Below this, eyes will be on the 8,245 as it marks a double bottom and may help underpin the falling bitcoin prices. The RSI has dropped below 20, indicating that sellers are exhausted, and bulls are looming around the corner. Closing of a hammer pattern on the 4-hour timeframe is suggesting odds of a bullish correction in Bitcoin. Let's consider staying bullish over 8,700 to target 8,925. The EUR/USD is also trading mostly in line with our forecast and continues to show bullish momentum. The EUR/USD buyers need to revoke Wednesday's Doji candle to encourage more substantial buying pressure. The EUR/USD is exhibiting bullish bias ahead of the London open. The currency pair is currently holding just over 1.09, representing 0.22% increases on the day, having placed a low of 1.0876 in Asia. Coronavirus has caught the U.S. borders and could keep the greenback on the defensive. Euro to take hints from the Eurozone consumer and industrial confidence economic figures. While the traders seem uncertain about the virus as it's presently growing faster outside of China than inside, arousing concerns that the economic influence of travel curbs, supply chain interruptions, and falling markets might be far more significant than earlier anticipated. Support Resistance 1.0857 1.0911 1.0829 1.0937 1.0803 1.0965 Pivot Point 1.0883 The direct currency pair EUR/USD is heading consistently higher in the wake of stronger Euro, and weaker U.S. dollar. Investors are doing profit-taking until the EUR/USD complete's it's retracement on the 4-hour chart. On the upper side, the resistances are likely to be 1.0935 and 1.0970. We can also see, the pair has formed an upward channel which is supporting the EUR/USD above 1.0900 while the pivot point support prevails around 1.0880. Let's consider staying bullish over 1.0880 today. The GBP/USD pair disappointed to breach above the 1.30 resistance to eradicate all the profits it reported on Tuesday. The GBP/USD pair is consolidating at 1.2925, dropping 0.6% daily chart. The broad-based USD gains bullish momentum against the Sterling on Wednesday weighed on the GBP/USD. With the 10-year U.S. Treasury bond yield leaping sharply from the all-time lows, the greenback climbed over the 99 resistance during the European trading hours. Although the U.S. Treasury bond yields shifted south in the second half of the day, the DXY proceeds to float over 99 and seems to lock its three-day falling streak. The greenback also traded around a three-month top against the British Pound in the wake of worries Britain's trade discussions with the European Union were delaying and dampened expectations for enormous fiscal spending. Another reason behind Sterling's drop is the heightened expectations that the Bank of England would lower interest rates. Still, it lingered near its high for February on confidence that a relaxed fiscal policy would encourage Britain's economy. The outbreak of the coronavirus has driven some traders to think central banks will be forced to relax monetary policy to shield their economies. In the U.K., traders are factoring in a 25-basis-point reduction in the current 0.75% rate by August. Support Resistance 1.2865 1.2978 1.2825 1.3049 1.2753 1.309 Pivot Point 1.2937 On Thursday, the GBP/USD is trading with a bearish bias, holding below a pivot point resistance level of 1.2937. On the 4 hour timeframe, you can see the 50 periods EMA is also suggesting resistance around the same 1.2938 level. The Cable has closed a Doji candle here, which is supporting the bearish bias, as investors are in the phase of indecision right now. Continuation of a selling trend below 1.2938 is likely to extend selling until 1.2885 and 1.2850. Alternatively, the bullish breakout of 1.2940 can lead the GBP/USD prices towards 1.2980 and 1.3010. Good luck!

On Wednesday, the greenback dollar sustained losses as growing expectations of a U.S. rate decrease and threats from U.S. health administrators regarding the spread of the coronavirus called into the subject. It seems to the strength of U.S. financial assets as investors are avoiding Euro since the Italy issue. On the fundamental side, eyes will remain on the U.S. Consumer confidence data, which may trigger some buying in the U.S. dollar today. Overall, the market is again likely to follow technical trading levels.   The BTC/USD bearish leg continues under $9,100 following support at $9,500 was broken. A potential double-bottom pattern could shortly lead the BTC/USD towards $10,000. Following the shattering of the critical support at $9,500, sellers' morale fired up amazingly. Previous week's support at $9,300 seemed to accommodate very little to prevent the energized bearish lot. The BTC/USD continued the bearish leg to $9,090 (daily low). The price is trading bearish, falling by 1.84% towards the conclude the Asian session. Whereas, an attempt to pull the price upwards has scored a significant barrier at $9,200. Alternatively, BTC/USD is switching hands at $9,142 while the trend continues to lead to the south, perhaps, in the wake of a stronger dollar. Support Resistance 9,449.46 9,802.61 9,292.61 9,998.91 8,939.46 10,352.06 Pivot Point 9,645.76 The BTC/USD continues to trade in a bearish mode at 9,095. Today, the leading pair is testing the double bottom support level of 9092, and the breakout of this level on the lower side has the potential to open further room for selling until 8,850. Whereas, previously violated upward channel may extend resistance at 9,415. The overall bias is bearish, but let's keep an eye on 9,090 support level as it will determine further trends. The EUR/USD currency pair slightly recovered and struggling to confirm the bullish trend, having hit the high of 1.890 because the risk market is recovering moderately. The EUR/USD is trading at 1.0867 and consolidates in the range between the 1.0863 - 1.0884. As we know, the currency pair dropped sharply from the high of 1.1096 to low of 1.0778 on February 20 after coronavirus fears increased. Such as the options market data shows the low volatility trend in EUR/USD pair has ended, and the demand for put bearish bets has declined sharply in the last five days. The one-month ATM volatility, which measures the calculated or implied mid-rate volatility for an at-the-money (ATM) option, has increased to 5.625, the highest level since October 3. The volatility measure has surged in a v-shaped manner from lows near 3.60 seen at the end of January. Besides, the EUR/USD currency pair gaining some poise mainly due to risk-on market sentiment in the wake of eased fears of coronavirus. One-month risk reversals increased to -0.125 on Tuesday, having bottomed out at -0.55 on February 18. The surge represents a drop in demand or intended volatility premium for the put options. Support Resistance 1.0844 1.0905 1.0807 1.0928 1.0747 1.0988 Pivot Point 1.0867 The EUR/USD is recovering on the daily chart, and it seems to go after a 38.2% Fibonacci retracement level of 1.08900. On Wednesday, the EUR/USD is likely to stay supported over 1.0850 as it has crossed over 50 periods EMA, which indicates odds of a bullish trend in the direct currency pair. On the higher side, the next resistances are likely to be 1.0935 and 1.0970. The GBP/USD currency pair flashing green and rose slightly on the U.S. Dollar weakness but still trading below the 1.3000 handles. At this moment, the GBP/USD is trading at 1.2990 and consolidates in the range between the 1.2982 - 1.3013. For now, all eyes on coronavirus headlines and will remain under the trader's radars until the U.K. and E.U. trade talks are finalized. Moreover, the U.K. budget will take the driver seats next month. The market traders are hugely distracted from the matter regarding Brexit as the coronavirus headlines are taking up the driver seats. The virus is hitting all corners of the world, which is why we see muted movements on Brexit news. As per the latest report of coronavirus, the coronavirus hitting more nations now. Croatia, Switzerland, Germany, Spain, and Austria have also reported their first cases of the virus while Italy remains a significant concern. Italy has confirmed 322 cases of the illnesses, the Italian civil protection agency said Tuesday. That's the highest number of coronavirus infections outside Asia. Consequently, few of the E.U. governments are advising to ban traveling to infected regions. The E.U. has made EUR195m available to help fight the crisis. Traffic data for Milan for the last week is showing a decline in passenger movement against the 2019 average. A statement came from the Federal Reserve Vice Chair Clarida that officials are struggling to monitor the emergency of the coronavirus, which is expected to have a striking impact on the Chinese growth, especially in the 1st quarter of this year. He further added that it's still too soon to even think about the size of coronavirus effects, as these are likely to make the material changes in the outlook. Support Resistance 1.2949 1.304 1.2893 1.3074 1.2802 1.3165 Pivot Point 1.2984 The GBP/USD continues to maintain a sideways trading range of 1.2980, and it's testing the pivot point level of 1.2984. Above this level, the pair has the potential to go after the next resistance level of 1.3060 as the 50 periods EMA and RSI are in favor of a bullish bias. The Cable has also violated the downward trendline resistance at 1.2970, which is now likely to underpin the GBP/USD pair today. Let's consider staying bullish above 1.2980 to target 1.3060 while selling can be taken below 1.2965 to a target of 1.2900. Good luck!

On the forex front, the U.S. Dollar Index was little changed at 99.29, compared with 99.26 in the prior session. The German Federal Statistical Office will post the final readings of 4Q GDP (+0.3% on-year expected and previously estimated). France's INSEE will report February indicators on business confidence (103 expected) and manufacturing confidence (99 expected). In the U.S., the Conference Board will publish February Consumer Confidence Index (132.1 expected). S.P./Case-Shiller will report the 20-City Composite Home Price Index for December (+0.4% on month expected), the FHFA will release November House Price Index (+0.4% on month expected), and the Richmond Federal Reserve will release its Manufacturing Index for February (10 expected).   The BTC/USD price remained range-bound during the day; however, it ultimately slipped down 3.28% to $9,473 through the U.S. evening hours. Many BTC/USD supporters assume that the leading asset is negatively correlated to traditional markets and have often proposed that traders will refer to it as a hedge in case of volatility in the markets, but that was not the situation today. Bitcoin fought to stay over $9,750 and dipped towards the $9,500 support versus the Greenback. BTC price could drop if it sinks beneath the critical $9,500 support. A solid support is building on the downside around the $9,500 region. There is a crucial bearish trend line setting with resistance around $9,640 on the hourly timeframe of the BTC/USD pair (data feed from Kraken). The pair could make either soar over $9,680, or it might sink heavily beneath the $9,500 support. Support Resistance 9,449.46 9,802.61 9,292.61 9,998.91 8,939.46 10,352.06 Pivot Point 9,645.76 On Tuesday, the BTC/USD is trading at 9,576 level, having immediate support around 9,430 level. The 50 periods EMA is likely to extend resistance around 9,875. On the lower side, the BTC/USD is likely to face support around 9,310 level. Overall, the pair is forming a higher low and higher high pattern, which typically drives bullish trends in the market. Today 9,300/9,280 remains the crucial trading levels for the Bitcoin. The EUR/USD edged up 0.1% to 1.0853. The German IFO Business Climate Index climbed to 96.1 in February (95.3 expected) from 96.0 in January. The German Federal Statistical Office will post the final readings of 4Q GDP (+0.3% on-year expected and previously estimated). France's INSEE will report February indicators on business confidence (103 expected) and manufacturing confidence (99 expected). European stocks were also deep in negative territory, as the Stoxx Europe 600 Index plummeted 3.8%. Germany's DAX shed 4.0%, France's CAC lost 3.9%%, and the U.K.'s FTSE 100 was down 3.3%. The Euro is still facing a bearish pressure as Italy said there were 229 cases (7 deaths). Singapore has also got 90 cases. The EUR/USD is trading slightly bullish around 1.0850 in the wake of profit-taking in the USD. The pair seems to have triggered a bullish retracement as it has already completed 23.6% Fibonacci retracement at 1.08530. Fundamentally, the focus will remain on the U.S. C.B. Consumer Confidence to drive further movement in the market. Support Resistance 1.0815 1.0882 1.0777 1.091 1.071 1.0977 Pivot Point 1.0844 On Tuesday, a continuation of a bullish trend can extend buying until a 38.2% Fibo mark of 1.0901 on the daily timeframe. Fundamentally, the focus will remain on the U.S. C.B. Consumer Confidence to drive further movement in the market. Overall, the pair is likely to stay supported over 1.0820. While additional buying can be seen on a bullish breakout of an immediate resistance mark of 1.08700 level. The GBP/USD dropped 0.4% to 1.2924, but now it's surging higher to trade at 1.2980. One of the logic for the Pound's bullish trend is the relative outperformance of the British economy beyond that of the Eurozone. The United Kingdom is seeing a post-election surge in traders' confidence while the Eurozone market continues to stuck in low gear in part due to the effects of concerns of the coronavirus. An abnormal shutdown in China - aimed at deriving the spread of the virus - has surely meant that global business will decrease piercingly in the first half of the year 2020. It's bad news for markets such as Germany, which are reliant on both demands for final goods from China, and the provision of intermediate goods for German manufacturing products. The British Pound begins the fresh week as an underperformer, posting losses versus the U.S. Dollar, which seems to be on the charge owing to a resumed session of nerves amid the coronavirus. Nevertheless, against the Euro, the Sterling seems comparatively better supported with the traders evaluating the relative influence of the disease on the E.U. as being probably more critical than will be the situation on the U.K. economy. Support Resistance 1.2892 1.296 1.2855 1.2991 1.2787 1.3059 Pivot Point 1.2923 The GBP/USD is trading with a bullish bias above a pivot point 1.2923. Below this mark, the GBP/USD has the possibility of sinking further unto 1.2902, the primary support level. Breakout of this level can prolong the bearish bias till the next support zone of 1.2845. The 50 days EMA is also holding at 1.2900 area, suggesting a bearish trend in the GBP/USD pair. The RSI and Stochastics are trading in an overbought sphere, hiking chances for a sell trade. Let's look for selling positions under 1.2981 today to target 1.2942 and 1.2900. Alternatively, buying can be seen over 1.2980 with a target of 1.3040. Good luck!

On Monday, the currencies slid dramatically as the speedy spread of the coronavirus exceeding China prompted fears of a pandemic and sent traders crowding to gold and the dollar for safe-haven shelter. Italy, South Korea, and Iran posted sharp growth in the coronavirus infections over the weekend. South Korea presently has over 760 cases, Italy, more than 150, and Iran 43 instances. The World Health Organization declared it was worried about the expanding number without any obvious link to the epicenter of the outbreak in China. Eventually, the market is trading with a risk-off sentiment, making dollar and gold stronger. The BTC/USD opened the week higher to test 10,000 psychological resistance level and dropped the very next moment to cover the weekend's gap and trade at 9,515. If we compare the price movement of the prior two weeks, the current weekend was relatively relaxed for the BTC/USD traders. On Saturday, the Bitcoin fell $10,000 mark before dropping back to $9,794, and at the time of addressing the price proceeds to face resistance at $9,900. The BTC/USD price proceeds to push forward with the descending trendline pattern at $9,989. A breach above this trendline may put the Bitcoin over the at $9,892 and near to the 61.8% Fibonacci retracement mark. While on the lower side, the technical levels may change a bit. Support Resistance 9,554.7 9,743.65 9,472.72 9,850.62 9,283.77 10,039.57 Pivot Point 9,661.67 The BTC/USD opened the week higher to test 10,000 psychological resistance level and dropped the very next moment to cover the weekend's gap and trade at 9,515. The overall trading range continues to be 500, from 10,000 level to 9,500 support. The 50 EMA is suggesting the odds of buying in the leading cryptocurrency. In the daily timeframe, the pair has formed a higher low and higher high pattern, which is suggesting odds of a bullish trend in the BTC/USD pair. The EUR/USD currency pair continues to flash red and dropped to 1.0815 mainly due to the coronavirus is spreading in Italy, having started the week well below the 200-hour Moving Average at 1.0834. The EUR/USD is trading at 1.0821 and consolidates in the range between the 1.0815 - 1.0843. However, the coronavirus infected people in Italy have risen from 54 to 89 on Sunday. According to the latest report, the number of coronavirus cases in Italy's Lombardy region climbed to 89 on Sunday from 54, leaving the country with 150 confirmed infection, the highest in Europe, and about five times that of Germany. Moreover, the number of cases has increased sharply in less than a week and could fuel fears of a deeper infection. As we know, Italy is part of the Schengen borderless travel area. As in result, the EUR currency is expected to remain bearish in Europe. On the other hand, the selling pressure could decrease, allowing a bounce if the upcoming German IFO Expectations (Feb) index betters estimates by a significant margin, forcing markets to scale back expectations for a slowdown. Support Resistance 1.0804 1.0878 1.076 1.0908 1.0686 1.0982 Pivot Point 1.0834 On the technical side, the currency pair needs to rise above the last week's high of 1.0864. That would confirm the seller exhaustion signaled by the previous week's bullish hammer candle and may yield a notable corrective rally toward 1.10. The 50 periods EMA is also likely to extend support at 1.0815, and we may see a bounce off above this level. The same level also marks the 50% Fibonacci retracement, while 61.8% Fibo support prevails at 1.0815. On the higher side, resistance can be seen around 1.0845. A day before, the GBP/USD has recovered slightly, exhibiting indications of support yet again at the 1.29 mark. I guess at this point, the market is anticipated to continue trading towards 1.30 level but will presumably gain a bit of resistance just over there in the form of the 50 days EMA. On Friday, the British Pound advanced versus both the dollar and euro as British companies recorded the fastest growth in production for ten months in February, satisfying some concerns over the economy as Britain plans for trade discussions with the E.U. The manufacturing PMI surged to its highest mark since April and pounded all estimates of economists polls, although there were hints that the coronavirus outbreak might influence output in the United Kingdom. The U.K. survey tolled with other measures which confer the economy has pulled up since Prime Minister Boris Johnson's election success in December, even though the level of the PMI prevails beneath its long-run average. Support Resistance 1.2902 1.2998 1.2845 1.3038 1.2749 1.3134 Pivot Point 1.2942 The GBP/USD is trading with a selling bias, trading beneath the pivot point 1.2942. Below this mark, the GBP/USD has the possibility of sinking further unto 1.2902, the primary support level. Breakout of this level can prolong the bearish bias till the next support zone of 1.2845. The 50 days EMA is also holding at 1.2900 area, suggesting a bearish trend in the GBP/USD pair. The RSI and Stochastics are trading in an overbought sphere, hiking chances for a sell trade. Let's look for selling positions under 1.2981 today to target 1.2942 and 1.2900. Alternatively, buying can be seen over 1.2980 with a target of 1.3040. Good luck!

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. 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. 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 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. 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. Support Resistance 1.0768 1.0811 1.0751 1.0838 1.0708 1.0881 Pivot Point 1.0795 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. 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. Support Resistance 1.2846 1.2924 1.2809 1.2963 1.2732 1.304 Pivot Point 1.2886 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!

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. 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. 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 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. 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. Support Resistance 1.0788 1.0818 1.077 1.083 1.074 1.0859 Pivot Point 1.08 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. 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. Support Resistance 1.2879 1.2995 1.2835 1.3067 1.2719 1.3183 Pivot Point 1.2951 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!

On the forex front, the U.S. Dollar Index climbed 0.5% on the day to 99.45. The U.S. Federal Reserve will release its latest monetary policy meeting minutes. The U.K. Office for National Statistics will release January CPI (+1.6% on-year expected). The U.S. Commerce Department will post January housing starts (1.42 million units expected) and building permits (1.45 million units expected). The Labor Department will release December PPI (+1.6% on-year expected).   The BTC/USD overcomes the uptrend with a rise of $10,200 for the first time since Saturday. The dismissal at the weekly highs describes the bears back in business as BTC/USD begins to spiral. The BTC/USD bullish scenario is back, heeding the prices over $10,000. Since the rejection of BTC/USD prices at $10,500, the BTC/USD buyers got beaten in the confines of a descending channel. The bearish trend continued to lows near $9,000 ere, giving way to an upward reversal, mainly on Monday and Tuesday this week. As predicted, the BTC/USD pair bought in a bullish mode, surging over 9,400 area. Yesterday, the BTC/USD pair were crossing above 20 EMA, which is pushing the buying trend, and it's expected to lead Bitcoin prices towards the next resistance area of 10,500 for now. 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 The BTC/USD has covered its losses as it bounced off the support level of 9,540. Continuation of a bullish trend is likely to lead the BTC/USD prices towards 10,500, but on the way, the leading crypto pair is likely to face resistance around 10,200. Overall, the bitcoin is still holding above 20 and 50 periods EMA which may keep the BTC/USD pair bullish. The EUR/USD currency pair continues to flash red and dropped below the 1.07 handles on Tuesday, mainly due to the risk-off market sentiment in the wake of intensifying coronavirus fears. As of writing, the EUR/USD currency pair is currently trading at 1.0798 and consolidates in the range between the 1.0791 - 1.0804. However, the currency pair registered its worst level in almost 3-years, and shared currency trader's still adding bets for further losses in the day ahead. As we already mentioned that the renewed risk-of market sentiment leaves the negative impact on the common currency, which is fell to their lowest levels since October on Tuesday, indicating investors are adding bets to position for further losses in the EUR currency. The EUR currency may suffer a deeper loss as expected by investors if the coronavirus gets worse further, increasing the haven demand for the U.S. Treasuries. As in result, the futures on the S&P 500 are reporting a 0.35 % drop. At the virus front, more than 74,000 people are infected by the virus in China so far, with hundreds of more cases in some 25 countries. The outbreak is threatening to destroy the global economy and also getting a warning from the iPhone apple company about its slower production and lower demand in China. Support Resistance 1.0774 1.0826 1.0754 1.0858 1.0702 1.091 Pivot Point 1.0806 The technical side of the EUR/USD hasn't changed so far as it continues to trade as per our previous forecast. The bearish bias still looks stronger as the EUR/USD pair formed another bearish candle on the daily timeframe. The EUR/USD pair seems to form three black crows pattern, which signifies the chances of more selling in the EUR/USD. The aggressive bearish target remains 1.0655 and 1.0570. The GBP/USD currency pair struggles to cross the 1.3000 handles as traders await the key data in the day ahead. As of writing, the currency pair currently trading at 1.2992 and consolidates in the range between the 1.2990 - 1.3006. However, traders seem cautious to place any position ahead of the U.K. Consumer Price Index (CPI) data. The chances of the rate cut by the Bank of England decreased after the release of a multi-year low British jobless rate. So, traders now keep their eyes on the U.K. Consumer Price Index (CPI) data for January to taking fresh directions. Regarding this, the BOE's line should indicators of domestic prices remain relatively weak becomes the key. Markets expect a slight recovery in headline CPI (YoY) figure to 1.6% from 1.3%, lagging behind BOE's 1.8% forecast. On the other hand, the United Kingdom's political headlines and the Brexit related headlines will also be essential to watch. Its worth to mention that the newly appointed Chancellor's willingness to give the budget on March 11 represents the high-performance bar for the Toris, the British government said no to visas for low-skilled workers. As well as, the European Union negotiator Michel Barnier again disagreed from the U.K.'s calls for the Canada-style trade deal. Support Resistance 1.2964 1.3043 1.2928 1.3085 1.285 1.3164 Pivot Point 1.3007 On Wednesday, the GBP/USD is trading sideways after violating the bullish channel, which can be seen on the 4-hour chart. The GBP/USD is now trading below the pivot point level of 1.3007, which is likely to drive more selling in the GBP/USD. It looks like the traders are waiting for the U.K. inflation data ahead of securing any position in the GBP/USD pair. On the lower side, the GBP/USD may find support around 1.2940, along with resistance around 1.3065. The RSI and Stochastics are staying in a bearish zone, hiking chances for a sell trade. Let's look for bearish trades below 1.3007 today to target 1.2925. Good luck!

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.   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. 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 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. 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. Support Resistance 1.0826 1.0848 1.0817 1.0861 1.0795 1.0883 Pivot Point 1.0839 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. 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. Support Resistance 1.2985 1.3038 1.2965 1.3072 1.2912 1.3125 Pivot Point 1.3018 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!

On the Forex front, the U.S. Dollar Index moved up 0.1% to 99.10, lifted by stronger-than-expected U.S. inflation figures. Also, the ICE U.S. Dollar Index turned up by 0.1% on the day, to 99.10, driven by stronger-than-expected U.S. inflation release. Let's take a look at today's trade plan.   The Bitcoin struggles to hold losses over $9,700 support following a drop from levels over $10,500. The improvement is expedient as long as the BTC/USD soars over the descending wedge pattern resistance. The BTC/USD is trying to obtain support over $9,700, following a sharp reversal from last week's top of $10,549. The weekend trading was dominated mainly by extended selling pressure. For now, the BTC/USD is back below $10,000, following a dull weekend session. Little improvement was made to the north, which enabled the bears time to plan a retaliation mission. Several potential support region were shuttered including $10,400, $10,250 and $10,000. Support    Resistance 9,708.4       10,094 9,487.1        10,258.3 9,322.8       10,479.6 Pivot Point 9872.7 The BTC/USD has opened lower on Monday as it's trading around 9,765 area, falling below the 10K psychological support area. At the moment, the pair is finding strong support around 9,600 area, and violation of this level can extend selling until 9,344. While the resistance continues to stay at 10K and 10,250. The RSI and Stochastic are heading into the selling zone. The bearish bias remains strong for BTC today. EUR/USD – Eurogroup Meetings The EUR/USD currency pair is still trading on the bearish track and currently hit its strongest low level of 8-months, mainly due to risk-off market sentiment in the wake of coronavirus fears. The EUR/USD pair is trading at 1.0838 and consolidates in the range between the 1.0834 - 1.0844. The EUR currency ended last week at 1.0829 to print its weakest weekly close since April 2017. The single currency created a big red marubozu candle for the second straight week. Moreover, the risk-tone is holding up well despite the fears that the world's second-largest economy has stalled in the wake of the coronavirus outbreak. At press time, the S&P 500 futures are up 0.20%, and the Shanghai Composite is adding 1%. The rise could be the reason for China's central bank decision to inject 100 billion Chinese Yuan into the financial system. Looking forward, the data docket is light due to the U.S. market closed in the wake of the President's Day holiday. Support Resistance 1.0819 1.0852 1.0808 1.0873 1.0775 1.0905 Pivot Point 1.084 The EUR/USD hasn't changed much so far as the pair holds above 1.0800. The EUR/USD selling bias remains solid as the pair has violated the support area of 1.0900, below this level, the pair is pretty much likely to continue selling with an immediate target of 1.0825 a 1.0800. Chances of bullish correction also remain until 1.08550 today. The GBP/USD currency pair flashing red but still above 1.3000 handles mainly due to the hard Brexit fears. The GBP/USD is trading at 1.3045 and consolidates in the range between the 1.3034 - 1.3054. However, the uncertainty surrounding the Brexit talk has been weighing on the pair. The greenback declines, and lack of data on the economic calendar keeps the traders calm. The United Kingdom officials continue to avoid global events and raise thoughts of being introvert after Brexit. The United Kingdom normally gives presence at the annual conference in Bavaria, where this year France's President Emmanuel Macron, U.S. secretary of state Mike Pompeo and Chinese foreign minister Wang Yi gathered to talk about the issues from the transatlantic defense co-operation to the security challenges posed by China and the impact of big tech on elections. At the coronavirus front, Chinese officials have struggled too much to improve the risk-sentiment, which is severely disturbed by the fears of the coronavirus. The market showed a slight improvement in the risk-tone. On the other hand, concerns of coronavirus have been conveyed by Moody's and the IMF, which is causing uncertainty and fear in the market. Support Resistance 1.3011 1.3073 1.2975 1.3099 1.2913 1.3162 Pivot Point 1.3037 On Monday, the GBP/USD pair is still following the same technical levels from Friday, as the pair haven't moved much so far. The Cable has crossed over 1.3000 resistance region, and it's working to break over the technical resistance level given by double top at 1.3065. The GBP/USD is still holding above the 50 periods EMA which is now underpinning the Cable. Today, the bullish breakout of 1.3065 resistance level can extend buying until 1.3145, whereas, the GBP/USD pair may find support near 1.3000, psychological mark. Good luck!

On the forex front, the U.S. Dollar Index edged up 0.1% on the day to 99.10, supported by stronger-than-expected U.S. inflation data. On the forex front, the ICE U.S. Dollar Index edged up 0.1% on the day to 99.10, backed by stronger-than-expected U.S. inflation data. Let's take a look at today's trade plan...   The BTC/USD has begun a downside retracement from the $10,500 level versus the greenback. The BTC declined under $10,200, though it is still staying below the major 100 hourly moving average. The BTC/USD price failed to soar over $10,500 and retraced on the lower side against the U.S. Dollar. There is a crucial contracting triangle working with resistance nearby $10,290 on the hourly graph of the BTC/USD pair. The pair could either rally again above $10,300, or it might continue its decline under the $10,100 support. The technical side of Bitcoin remains mostly the same as the Bitcoin is still staying at the top of 10,400. A day earlier, the BTC/USD climbed dramatically to crossover the double top resistance level of 9,875, which has revealed a further opportunity for buying unto 10750. Support Resistance 9,727.28 10,042.98 9,585.74 10,217.14 9,270.04 10,532.84 Pivot Point 9,901.44 The BTC/USD continues to maintain the same trading range of 10,550 - 10,000 due to a lack of volatility. On Friday, the BTC/USD pair is likely to trade choppy sessions with in the same range. Whereas, a bearish breakout of 1,000 level can extend selling until 9,895. The EUR/USD currency pair continues to flash red and hit the fresh 34-month low of 1.0827 ahead of German preliminary Q4 GDP data. The EUR/USD currency pair is currently trading at 1.0833 and consolidates in the range between the 1.0828 - 1.0843. Looking forward, the currency pair may drop further below the 1.08 if the German data disappoints expectations, intensifying slowdown fears and force the market to price in higher chances a rate cut by the European Union Bank later this year. At the data front, the German gross domestic product (GDP), which is scheduled to release at 07:00 GMT, is expected to show the economy expanded 0.1% quarter-on-quarter in the final 3-months of 2019, having registered a similar growth rate in the third quarter. However, the annualized growth rate is seen decelerating to 0.2% from 1.0%. Both Factory Orders and Industrial Production registered an annualized decline of 6.68% and 8.7%, respectively, in December, signaling a worsening of the recession in the manufacturing sector. Meanwhile, exports rose just 0.1% in December, missing the forecast for a 0.5% rise, after having dropped by 2.2% in November. Support Resistance 1.0821 1.0876 1.08 1.091 1.0767 1.093 Pivot Point 1.0855 The EUR/USD selling bias remains solid as the pair has violated the support area of 1.0900, below this level, the pair is pretty much likely to continue selling with an immediate target of 1.0825 a d 1.0800. Chances of bullish correction also remain until 1.08550 today. The GBP/USD currency pair looking flat near the 1.3050, mainly due to a lack of fresh catalysts. As of writing, the GBP/USD currency pair is currently trading at 1.3045 and consolidates in the range between the 1.3037 - 1.3051. However, the GBP/USD currency pair rose during the previous day, mainly after the surprise resign letter of FinMin Sajid Javid. The main reason behind the pairs gains is the U.K.'s Finance Minister Sajid Javid's surprise resignation. The Chancellor Sajid Javid cited the UK PM Boris Johnson's push to fire the team as a reason for leaving the post. After the Sajid Javid's resignation, Rishi Sunak will manage the team and seems to have a Tory leader's support due to bias towards further spending. It is worth to mention that the departure of some of the key leaders could be the reason for the United Kingdom cabinet changes that were mostly mentioned earlier. Although, the coming Attorney General Suella Braverman has a strong view to take back control from an interfering court, as noted by The Guardian. Moreover, the United Kingdom Prime Minister Boris Johnson has rejected the visit of the U.S. again, according to The Sun's report, which left a negative impact on their friendships. The United States leader earlier showed hate for British support for China's Huawei. Support Resistance 1.2971 1.3095 1.2895 1.3145 1.2846 1.322 Pivot Point 1.302 The GBP/USD has crossed over 1.3000 resistance area, and it's trying to break above the double top level of 1.3065. Yesterday, the GBP/USD also crossed over the 50 periods EMA which is now extending the pair with bullish support. Today, the bullish breakout of 1.3065 resistance level can extend buying until 1.3145 whereas, the pair may find support around 1.3000, psychological level — all the best for today.