On the forex front, the U.S. Dollar Index rose 0.3% on the day to 99.01. The German Federal Statistical Office will release the final readings of December CPI (+1.5% on-year expected). France's INSEE will report a 4Q jobless rate (8.5% expected). The U.S. Labor Department will report January CPI (+2.4% expected), and initial jobless claims in the week ended February 8 (210,000 expected).   The BTC/USD price trades at $10,500 after breaking the previous $10,400 to mark a new yearly high at $10,435. BTC/USD is gazing into a reversal because of the formation of a growing wedge pattern. The BTC/USD has an incredible spring of the year combined with bullish sentiments due to the coming halving event that has seen it posted dramatic gains. The bullish cross over at $10,000 on Sunday additionally supported the position of the buyers in the market. With this, the trader's interest in BTC continues to grow. 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 technical side of Bitcoin remains the same as the BTC/USD is still holding at a peak of 10,400. A day before, the BTC/USD surged dramatically to crossover the double top resistance level of 9,875, which has opened further room for buying until 10750. Tuesday's daily candle was bullish engulfing in nature, and Wednesday's close is also bullish, which may drive further buying in the leading cryptocurrency today. While the immediate support now prevails around 10,150. The EUR/USD currency pair continued its previous losing streak and hit the fresh 33-month lows of 1.0865, mainly due to the ECB rate cut expectations. The rate cut expectations rose in the wake of Eurozone's industrial output, which dropped sharply since 4-years in December. The EUR/USD is currently trading at 1.0870 and consolidates in the range between the 1.0865 - 1.0877. The Eurozone's industrial output declined its steepest drop in four years in December, the official data released on Wednesday showed. Moreover, the German manufacturing recession looks far from over with factory orders dropping by 2.1% in December. The market traders are now pricing the 6-basis-points of the rate cut by the end of 2020, against the zero chances seen at the starting of this month. At the USD front, the greenback getting support as a safe-haven flows from the coronavirus fears. Moreover, the United States economy is performing almost strong, as shown last week's nonfarm payroll report. Support Resistance 1.0852 1.0913 1.0829 1.0949 1.0792 1.0973 Pivot Point 1.0889 The EUR/USD trades in line with our forecast to hit the target level of 1.0880, but the bearish sentiment doesn't seem to halt. The pair has violated the major support level of 1.0880, and now it's trading at 1.0870. The next support levels are likely to be found around 1.0850 and 1.0825. While 1.0888 and 1.0910 will be working as immediate resistance on Thursday. The GBP/USD currency pair continues to flash red and still trading below the 1.3000 handles mainly due to United Kingdom politics concerns and Brexit concern. Moreover, the coronavirus fear is also weighing on the Cable pair. The GBP/USD is currently trading at 1.2946 and consolidates in the range between the 1.2945 - 1.2967. However, the uncertainty surrounding the Brexit, and the U.K. politics issues are the main reason the pairs bearish sentiment. It's worth to mention that the European Parliament's decision to push the United Kingdom to follow the E.U. laws indicates that the Brexit talks will be starting on the robust note, perhaps during the early March. On the news front, the United Kingdom Prime Minister Boris Johnson is ready to declare his new cabinet and expected to avoid the harsh changes which were discussed earlier by his key adviser Dominic Cummings. The Boris Johnson will call the ministers to his office in the early morning to inform them whose services are not needed anymore and also will welcome those who are going to be promoted. Sterling may feel the bearish pressure. Support Resistance 1.2943 1.2983 1.2926 1.3008 1.2902 1.3024 Pivot Point 1.2967 On Thursday, the GBP/USD is trading at 1.2967 area, and it's trying to break above the pivot point mark of 1.2967. The 50 EMA periods EMA is also keeping the pair under pressure today, signifying the chances of the bearish trend in the GBP/USD pair. On the lower side, the GBP/USD may resume its bearish bias unto 1.2910. The technical indicator like RSI and MACD are directing on the lower side and may drive more selling below 1.2967 level. However, if GBP/USD manages to break above 1.2967, we may see it's prices going towards a 1.3025 resistance level. All the best for today.

On the forex front, the U.S. Dollar Index eased from a four-month high, slipping 0.1% on the day to 98.75, as the Fed flagged risks to the economy from the spread of coronavirus. The U.S. Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Panel. The European Commission will report December industrial production (-2.0% on month expected). The U.S. Treasury will release the January monthly budget statement (10.0 billion dollars deficit expected).   Economic Calendar The BTC/USD recovers the bullish trend on breaking over $10,200 resistance. The leading cryptocurrency BTC holds the bullish price action, but a growing wedge pattern looms to trigger a reversal in the short term. The pair is testing the new 2020 top following a compelling return of over $10,000. The Bitcoin current pullback to the support at $9,700 was required for the bullish activity taking place at the moment. The Bitcoin is now back in the bullish territory over $10,000, and it has also placed a new yearly high of $10,355. Following an adjustment, BTC/USD is staggering at $10,317. The sharp move over $10,000 and the resistance at $10,200 seems to have woken the slumbering buyers. For now, the focus is to pull Bitcoin over the next resistance level of $10,400, which is anticipated to make another strong breakout in the direction of $11,000. 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 surged dramatically to crossover the double top resistance level of 9,875, which has opened further room for buying until 10750. The recent daily candle close is bullish engulfing in nature, and it may drive more buying in the leading cryptocurrency today. While the immediate support continues to prevail around 9,875. The EUR/USD currency pair stopped its declining streak and returned above the 1.09 level, mainly due to Federal Reserve's Chairman Jerome Powell, who ignored the impact of the coronavirus on the U.S. economy, as in result, the risk-sentiment recovered instantly. The coronavirus development headlines also gave support to the risk sentiment. The EUR/USD currency pair is currently trading at 1.0913 and consolidates in the range between the 1.0912 - 1.0923. However, the pair have hit the low of 1.0891 on Tuesday. As we already mentioned that the EUR and most other currencies got support against the U.S. dollar during the North American session as Federal Reserve's Chairman Jerome Powell did not give any attention to the coronavirus impact on the U.S. economy. At the coronavirus front, the Chinese President Xi's announced that our country would win the battle against the virus and be more wealthy soon. It should be noted that Powell will be testifying again before Senate on Wednesday and could repeat what he said on Tuesday. Support Resistance 1.0893 1.0943 1.0876 1.0975 1.0826 1.1025 Pivot Point 1.0925 The EUR/USD is trading at 1.0912 as the technically bearish Euro doesn't seem to halt sell-off. At the moment, the pair is very close to the strong support level of 1.0879, and the EUR/USD has also closed a daily candle above this level. Besides, the pair has also formed a Doji candle followed by a strong bearish trend, which signifies the chances of a bullish reversal until 1.0945 and 1.0980. Still, the smaller timeframe is not yet confirming the buying opportunity. On the upper side, a breakout of 1.0925 can drive buying in Euro; elsewhere, it may continue trading bearish until 1.0880. The GBP/USD currency pair flashing green and struggles to continue its 2-day bullish streak ahead of fresh clues. The GBP/USD is trading at 1.2962 and consolidates in the range between the 1.2950 - 1.2970. However, the currency pair recently got support from the weaker U.S. Dollar and positive fundamentals in the United Kingdom. The currency pair gained some ground on Tuesday despite the weaker U.K. data, as the Bank of England did not succeed in giving any clear direction to the British Central Bank's future moves. The report came that the U.K. economy drifted sideways in Q4, and now the focus is on Q1 for a recovery. Generally, a decline in the activity could be the reason amid Brexit uncertainty, the general election, and global trade tensions. However, early 2020 data are indicating a recovery. If these economic figures don't grow, BoE Governor Carney has signaled that the BoE will likely need to add more accommodation. Support Resistance 1.2955 1.2973 1.2944 1.2981 1.2925 1.3 Pivot Point 1.2963 On the 4 hour timeframe, the GBP/USD is attempting to break above the resistance level of 1.2963, which also marks the pivot point of the time. On the downside, the GBP/USD may continue its bearish trend until 1.2922. The leading indicators, such as RSI and MACD, also confirms the strong bearish sentiments. Their values are holding around 80 and seem to come out of the overbought zone, which may help with the bearish trend continuation. Consider staying bearish below and bullish above 1.2963 today. All the best for today.

On the forex front, the ICE U.S. Dollar Index climbed for a fifth consecutive session to a four-month high of 98.70, supported by a solid jobs report. The Eurozone Sentix Investor Confidence Index for February will be reported (5.9 expected). The Bank of France will post January Industry Sentiment Indicator (97 expected). Economic Calendar Following days of remarkably low volatility, with the BTC/USD crushing higher without much descending price action, BTC abruptly sank 4% in 20 minutes just like an hour ago. The BTC/USD slipped from $10,100 to $9,700 in a speedy sell-off. As of the time of drafting this, the BTC/USD is trading at $9,999.92, having effectively improved the whole drop, save for a few dollars to the upper side. The BTC/USD has surged dramatically during the weekend to crossover the 10K psychological mark. The pair is now retracing back from 10175 area to trade at 10,015, which is the 38.2% Fibonacci retracement level. Support Resistance 9,679.81 9,844.49 9,609.17 9,938.53 9,444.49 10,103.21 Pivot Point 9,773.85 The BTC/USD has surged dramatically during the weekend to crossover the 10K psychological mark. The pair is now retracing back from 10175 area to trade at 10,015, which is the 38.2% Fibonacci retracement level. If the BTC/USD manages to hold this level, we may see Bitcoin prices surging over this level. Alternatively, the bearish breakout of a 38.2% level can lead the BTC/USD prices towards 9,870 level that marks 61.8% Fibonacci retracement. Below this, the next support stays around 9.625. The EUR/USD currency pair flashing green but still below the bullish range. The EUR/USD currency pair dropped for the 5th-consecutive day on Friday, having registered its longest daily bearish rally since November, mainly due to strong greenback bids in the wake upbeat U.S. Nonfarm Payrolls data for January. The EUR/USD is currently trading at 1.0955 and consolidates in the range between 1.0942 - 1.0955. As we already mentioned that the currency pair closed on a weaker note at 1.0944, creating a bearish marubozu candle on the daily chart. The U.S. Dollar picked up a strong bid mainly after the better-than-expected U.S. Nonfarm Payrolls data for January. The currency pair bearish trend also could be the reason for coronavirus fears because investors were sacred and poured money into the safe-haven treasuries. The futures on the S&P 500 have removed losses in early Asia, helping the likes of the Australian dollar survive moderate gains on the day. The EUR/USD also found some support in Asia and representing marginal gains on the day. Support Resistance 1.0931 1.0972 1.0916 1.0998 1.0874 1.1 Pivot Point 1.0957 The EUR/USD broke below 1.1000 support level on Friday, especially on the release of optimistic NFP figures. For now, the pair seems to look for correction below the same level. The EUR/USD may find an immediate resistance at 1.0955 today. Closing of candles below this level can extend selling until 1.0940 and 1.0925. Whereas, the bullish breakout of 1.0955 can lead the EUR/USD prices towards 1.0975. The GBP/USD currency pair stop its 3-day losing streak but still found on the defensive track near the 10-weeks low mainly due to the hard Brexit fears and the strong greenback bids also weighing on the pair. As of writing, the GBP/USD currency pair is currently trading 1.2908 and consolidates in the range between the 1.2884 - 1.2908. On the front of the main headlines, the on-going war between the United Kingdom and European Union regarding fisheries giving fresh indicators that both sides will not agree with Brexit terms during the table meeting during March. Meanwhile, the U.K. Telegraph's report hinted that the European Union negotiations commission presented the E.U. ambassadors Weekend signals that the Brexit negotiations will fall during the early April. The Tory government coming reshuffle also increases the uncertainty over U.K. politics, and as in result, the pair may drop again. At the greenback front, the USD currency put the strong bids after the better-than-expected U.S. Nonfarm Payrolls data for January. The currency pair bearish trend also could be the reason for coronavirus fears because investors were sacred and poured money into the safe-haven treasuries. As in result, the greenback succeeded in gaining support from it. Support Resistance 1.2858 1.2936 1.2831 1.2987 1.2753 1.3065 Pivot Point 1.2909 The GBP/USD is taking a slight bullish reversal in the wake of worse than expected unemployment data. The GBP/USD is face resistance around 1.2916 area, and violation of this on the higher side may lead the GBP/USD prices towards 1.2965 area. The RSI and Stochastic are holding in an oversold zone, suggesting odds of a bullish recovery in the GBP/USD. Today we can stay bullish above 1.2909 to target 1.2950 and 1.2964. All the best for today.

On the forex front, the U.S. dollar extended its rally for a fourth straight session ahead of the closely eyed nonfarm payrolls report due later today. The ICE Dollar Index gained 0.2% on the day to 98.47. The U.S. Labor Department will release the January nonfarm payrolls report (+163,000 jobs, jobless rate steady at 3.5% expected). The Commerce Department will report final readings of December wholesale inventories (-0.1% month expected).   The BTC/USD rises towards $10,000 but disappoints to crush the resistance at $9,800. BTC/USD is in a major bullish development that is expected to be unstoppable until it runs the psychological $10,000 mark. Besides the positive thoughts and remarks over the leading cryptocurrency as lead BTC prices soar, both fundamentally and technically, to reach highs over $10,000. The retracement from the prior week's low at $9,050 has held the surge inside an ascending channel. The channel support has been examined numerous times but keeps proving that the buyers are leading the market now. The surge seen on Thursday cleared the resistance at $9,800. A move that blasted Bitcoin close to $9,900, but the momentum missed steam short at $9,858. A critical reversal found support at $9,650, giving way for another push towards $9,900. Support Resistance 9,339.23 9,901.11 8,989.92 10,113.68 8,428.04 10,675.56 Pivot Point 9,551.8 The technical side of the BTC/USD is mostly the same as the pair hasn't traded much lately. Previously, the BTC/USD violated the horizontal resistance level of 9,520, which is keeping the leading cryptocurrency bullish. The pair is trading at 9,616 now, right above the previously violated double top pattern, which is now extending support at 9,520. With the violation of this double top level, the BTC/USD is now exposed to 9,925 and even 10K level, especially due to the daily bullish engulfing candle. The bullish bias is likely to remain dominant today. The EUR/USD currency pair flashing green but still below the 1.10 level ahead of German Industrial Production. The EUR/USD is trading at 1.0981 and consolidates in the range between the 1.0978 - 1.0985. However, the currency pair recovered from the 1.0879 to 1.1240 yesterday but eventually came again below the 1.10 handles. On the technical side, the pair is currently reporting the bullish sentiment and still struggling to cross the 1.10 level. The EUR/USD pair could beat the 1.10 level if the German Industrial Production prints better-than-expectations. On the other hand, the shared currency may drop further if the German Industrial Production disappoints expectations. Germany, Eurozone's manufacturing powerhouse, will release Industrial Production data for December at 07:00 GMT. The output is expected to have declined by 0.2% month-on-month, having increased by 1.1% in the previous month. The annualized figure is expected to come in at -4% compared to -2.6% in November. German manufacturing slowdown worsened in December with Factory Orders declining by 2.1% month-on-month against expectations for a 0.6% increase. On an annualized basis, Factory Orders dropped 8.7% against expectations of an 8% decline. Notably, order books fell at their fastest level in more than a decade. Support Resistance 1.096 1.1009 1.0937 1.1037 1.0888 1.1086 Pivot Point 1.0987 The EUR/USD traded inline with our forecast to break below the triple bottom support area of 1.1009, and it's now trading at 1.0975. Below this, the EUR/USD pair can drop towards 1.0935 level today as the RSI is holding in the selling zone. The focus will also remain on the NFP data today. The GBP/USD currency pair found on the bullish track and representing 0.10% gain on the day mainly due to risk-on market sentiment and positive headlines came regarding Brexit. The GBP/USD is currently trading at 1.2942 and consolidates in the range between the 1.2936 - 1.2945. The currency pair hit the multi-day low yesterday in the wake of a stronger greenback, but now the pair has recovered. On the other hand, the report came from the insurance company Atradius that at the end of the European Union transition period during this year is expecting the worst result for European Union member states. It is worth to mention that the European Union economies settle fears and pressure from the coastal E.U. states, which also increase the probabilities that the region would offer softer term to the United Kingdom during the negotiation between EU-UK on March. The traders did not give any attention to the allegations concerning favoritism on the United Kingdom Prime Minster Boris Johnson during the nominating Members of the Parliaments (M.P.s) for peerages. There are still some E.U. officials who are holding their heads high and still wanting tough agreements from the United Kingdom. Support Resistance 1.29 1.2978 1.2872 1.3028 1.2794 1.3105 Pivot Point 1.295 The GBP/USD has violated the support mark of 1.295, and now it seems to travel to examine the next support mark of 1.29000 level. At the moment, the GBP/USD is consolidating below the pivot point level of 1.2950, and closing of candles below this level are confirming the breakout and potential of further selling in GBP/USD until 1.2900. Below this level, the GBP/USD may find next support around 1.2835, but it depends upon the release of NFP data. Both of the technical indicators, the RSI and Stochastics are in the selling region, demonstrating odds of the bearish trend in the GBP/USD. Let's consider taking sell trades below 1.2950 today. All the best for today.

On the forex front, the U.S. Dollar Index rose 0.3% on the day to a two-month of 98.26, supported by an upbeat ADP private jobs report. Regarding U.S. economic data, the Automatic Data Processing (ADP) jobs report showed an addition of 291,000 private jobs in January, exceeding expectations of +157,000. The Markit U.S. Services Purchasing Managers Index (final reading) expanded to 53.4 in January (53.2 expected). The Institute for Supply Management's (ISM) Non-Manufacturing Index rose to 55.5 (55.1 expected). The BTC/USD price hits a knot short of $9,800, giving room for a buying until $9,600. The BTC/USD soaring channel is expected to grow the trend in the following weeks. Bitcoin is back in its bullish form after examining lows close to $9,000 at the start of the week. The revival has led back the expectation that $10,000 is close. The BTC/USD has violated the horizontal resistance level of 9,520, which is keeping the leading cryptocurrency bullish. The pair is trading at 9,616 now, right above the previously violated double top pattern, which is now extending support at 9,520. Support Resistance 9,339.23 9,901.11 8,989.92 10,113.68 8,428.04 10,675.56 Pivot Point 9,551.8 The BTC/USD is trading at 9,616 now, right above the previously violated double top pattern, which is now extending support at 9,520. With the violation of this double top level, the BTC/USD is now exposed to 9,925 and even 10K level, especially due to the daily bullish engulfing candle. The bullish bias is likely to remain dominant today. The EUR/USD currency pair continued its three-day losing streak and hit the daily low of 1.0995; the pair lost 100 pips so far during this week, mainly due to greenback strength after U.S. economic data. As of writing, the EUR/USD currency pair is currently trading at 1.0995 and consolidates in the range between the 1.0995 - 1.1001. However, traders are cautious about placing any position ahead of Germany Factory Orders data. At the USD front, a bullish U.S. dollar sending the EUR/USD further to the downside. The greenback was already bullish in the market and rose further after the U.S. economic data that exceeded expectations. From the forecasted view, the German factory orders are expected to have risen by 0.6% month-on-month in December, having dropped by 1.3% in November. The annualized figure is expected to come in at -6% compared to the previous month's -6.5%. The data will be released at 07:00 GMT. Support Resistance 1.0979 1.1033 1.0959 1.1068 1.0905 1.1122 Pivot Point 1.1014 The bearish trend in EUR/USD doesn't seem to halt as it's prices are holding around the strong support level of 1.09920, and violation of this level can drive strong selling in the pair. It looks like the pair will break the 1.09920 support level today as it has formed three black crows candlestick patterns on the daily timeframe, which suggests bearish bias in the pair. Below 1.09920, the pair has the potential to go after 1.0945. The GBP/USD currency pair continues its two-day losing streak and still found near the 1.2980, mainly due to the uncertainty surrounding the United Kingdom Brexit, as well as the greenback strong bullish sentiment, keep the pair under pressure. As of writing, the GBP/USD currency pair is currently trading at 1.2979 and consolidates in the range of 1.2972 - 1.3003. At the front of the leading news, the French Fishermens gave warning to their United Kingdom counterparts after the U.K. Prime Minister Boris Johnson canceled the deal at the London Fisheries Convention during the early weekdays. As in result, the uncertainty increased in the European Union and the United Kingdom on-going agreement. On the other hand, the Conservative Party is still struggling to adopt emergency restricting laws regarding release terrorists from the jail in a hurry. The U.K. culture secretary Nicky Morgan has asked for aa decision of on-going dispute between the British political journalists and UK PM's communications chief. Apart from this, the report came from the National Institute of Economic and Social Research (NIESR), that there is only approximately 20% chance that the U.K. economic growth will increase its pace of expansion twice, against the country's continued run of poor productivity. Support Resistance 1.2949 1.3063 1.2896 1.3123 1.2782 1.3237 Pivot Point 1.301 The GBP/USD managed to violate the support mark of 1.3000and now it seems to head to test the next support level of 1.29500 level. At the moment, the GBP/USD is trading below the pivot point of 1.3006, and the forming of candles below this mark is expected to keep the GBP/USD bearish. The RSI and Stochastics, technical indicators, have entered the selling zone, suggesting chances of the bearish trend in the GBP/USD. The GBP/USD prices are likely to trade bearish today with a target of 1.2950 and 1.29150. All the best for today.

On the forex front, the U.S. dollar strengthened for a second session as economic data released were better than expected. The Dollar Index gained 0.2% on the day to 97.95. Later today, January Automatic Data Processing (ADP) Employment Change (+158,000 private jobs expected), Markit U.S. Services Purchasing Managers Index (PMI, final reading, 53.2 expected), Institute for Supply Management's (ISM) Non-Manufacturing Index (55.1 expected), and December trade balance (deficit of 48.2 billion dollars expected) will be reported.   The BTC/USD buyers have an opportunity for growth, mainly if the support level of $9,200 is tested again. Technical levels begin to adjust with the BTC/USD bullishness towards the medium-term mark at $9,400. Bitcoin recently disappointed to maintain gains over the violated resistance level of $9,600, although the major focus remains on the $10K, the leading cryptocurrency headed to touch $9,624. The Bitcoin has several support levels that have been shuttered, including at $9,500, $9,400, and $9,200. A day before on Wednesday, the BTC/USD barely survived the short term level of around$9,150. Let's look at the technical trade setup today. Support Resistance 9,042.69 9,268.71 8,948.43 9,400.47 8,722.41 9,626.49 Pivot Point 9,174.45 The BTC/USD slipped to test $9,050, which marks the 38.2% Fibonacci retracement, and now it's consolidating in a very narrow range of 9,150 - 9,250. Breakout of this range will help determine further trends in the Bitcoin. We should keep an eye on the 9,104 marks as above this; bitcoin can stay bullish until 9,345 and 9460. Whereas, the violation of 9,104 is likely to drive the bearish trend until 8,880. The EUR/USD currency pair continued its losing streak and found near the 1.1034, representing 0.10% losses on the day, mainly due to risk reset in the financial market in the wake of coronavirus fears. The EUR/USD is trading at 1.1035 and consolidates in the range between 1.1033 - 1.1047. The currency pair has faced rejection near 1.11 on Monday. However, traders are curious to place any position ahead of Eurozone PMIs. Whereas, global equities were found on the green track on Tuesday after the People's Bank of China provided a net 150 billion yuan ($21.4 billion) of liquidity. As in result, the fears of the coronavirus were eased. The S&P 500 index surged more than 1.5%, and the Nasdaq Composite Index printed a record close. The U.S. ten-year yield also recovered from 1.52% to 1.61%, increasing the bid tone around the greenback. The Asian stocks also got strong gains on Wednesday. Moreover, oil benchmarks are reporting a 1% gain at the press time. On the other hand, the treasury yields will likely to continue Tuesday's gains with the increasing risk-sentiment. Therefore, the EUR/USD currency pair could drop to 1.10. However, the pair may stop its bearish streak if the German PMI figures and Eurozone retail sales data release better-than-expected by a significant margin. Traders will keep their eyes on the economic calendar, mainly because there are much data to watch ahead. So all focus will be on German PMI figures, Eurozone Retail Sales, and ADB Employment Change (Jan). The trade balance figure will take center stage for taking fresh directions. Support Resistance 1.103 1.1061 1.1016 1.1078 1.0985 1.1109 Pivot Point 1.1047 The EUR/USD continues to gain support around 1.1035 level and has closed candles above this level. At the moment, the pair may gain support around 1.1030, along with resistance around 1.1045. A bullish breakout of this level can extend buying until 1.1065 and 1.1095 areas. Let's keep an eye on 1.1045 as the pair can also trade with a bearish bias below this level today. The GBP/USD currency pair failed to continue its recovery rally and again dropped to 1.3013, mainly due to fresh blame on the United Kingdom Prime Minister Boris Johnson regarding terrorists and environmental uncertainty. The broad-based greenback strength is also pushing the pair lower. At the moment, the GBP/USD is trading at 1.3018 and consolidates in the range between the 1.3012 - 1.3041. At the Brexit front, the Tory leader announced to cancel the law that permitted terrorists to be released from the jails after finishing half time punishment, whereas Labour Party lawmakers showed uncertainty on the Tories' ability to pass such regulations. The fresh criticism of the U.K. Prime Minister Boris Johnson environment policies that postpone performance on a net-zero emissions economy also weighing on the pair. At the USD front, the greenback continues to flash green after upbeat data came in the previous day. The currency pair took bids on the last day, mainly due to the lack of fresh negative news regarding the European Union and United Kingdom talks as well as upbeat U.K. Construction PMI figures. Support Resistance 1.2966 1.3071 1.2901 1.3112 1.2795 1.3218 Pivot Point 1.3006 The GBP/USD tried to break the support level of 1.3000, but it recovered even after testing 1.29500 level. At the moment, the GBP/USD price is holding above the pivot point level of 1.3006, and the closing of candles above this level is likely to keep the GBP/USD bullish. The RSI and Stochastics have entered the oversold zone, which is suggesting odds of bullish reversal in the GBP/USD pair. A bearish breakout of 1.3006is likely to lead the GBP/USD prices towards 1.2920, whereas the cable can stay bullish above 1.3006 until 1.3100 today. All the best for today.

On the forex front, the U.S. Dollar Index bounced 0.4% on the day to 97.81, lifted by stronger-than-expected manufacturing data. On Tuesday, the Research firm Markit will publish January U.K. Construction PMI (47.1 expected). The European Commission will report the eurozone's December PPI (-0.7% on year expected). The U.S. Commerce Department will post December factory orders (+1.2% on month expected)   The BTC/USD price failed to stay over the $9,500 resistance and declined recently versus the greenback. The BTC is likely to find support, and it might bounce back from $9,150, or it might sink heavily in case of a bearish breakout. The BTC/USD bulls are striving hard to preserve the key $9,200 and $9,150 support marks versus the greenback. The price settles at the risk of an explicit drop if there is a breach under $9,150. There is a downward channel being formed with resistance around $9,320 on the hourly timeframe of the BTC/USD pair. The buyers need to attain momentum over $9,500 to avoid a collapse below $9,150 Support Resistance 9,193.74 9,381.66 9,113.97 9,489.81 8,926.05 9,677.73 Pivot Point 9,301.89 The technical side of the BTC/USD mostly the same as it continues to face resistance around the 9,575 area. On the daily timeframe, the BTC/USD has formed a bearish candle followed by a tweezers top pattern, which is very likely to drive bearish retracement until 9,130. Whereas, the resistance stays around 9,545. The choppy session can be seen in BTC/USD today in between 9,575 - 9,235. The EUR/USD currency pair flashing red and found below the 100-day Moving Average at 1.1060 while having failed to cross the high level of 1.11 on Tuesday as the greenback's bids soared during the North American session. As of writing, the EUR/USD is trading at 1.1061 and consolidates in the range between the 1.1056 - 1.1064. At the U.S. dollar front, the greenback gained support during the North American session after the US ISM Manufacturing Purchasing Manager's Index released a better-than-expected of 50.9 in January. That is the first above-50 figures in 6-months. So, the EUR/USD currency hit the low of 1.1035 during the previous session and then regained some poise to trade at 1.1059. However, the slight recovery came mainly due to WTI oil recovery, which sent the sending treasury yields lower. The U.S. 10-year yield is trading at 1.54%, representing a 3-basis points increase from the low of 1.51% observed in early Asia. Looking forward, the Eurozone Producer Price Index for December is scheduled for release at 10:00 GMT. In the U.S. docket, Factory Orders for December will be essential to watch. Support Resistance 1.1035 1.1086 1.101 1.1112 1.0959 1.1163 Pivot Point 1.1061 The EUR/USD gained support around 1.1035 level and has closed candles above this as this marks the 50% Fibonacci retracement area. At the moment, the pair is gaining support around 1.1035, along with resistance around 1.1065. A bullish breakout of this level can extend buying until 1.1075 and 1.1095 areas. Let's keep an eye on 1.1065 today. The GBP/USD currency pair found on the bullish track above 1.3000 after registered most significant losses in the year. Notably, the currency pair recently got support in the wake of risk-on sentiment and due to the lack of negative political headlines regarding the United Kingdom. As of writing, the GBP/USD is trading at 1.3020 and consolidates in the range between the 1.2981 - 1.3023. The GBP/USD currency pair dropped by 1.6% during the previous session, mainly due to the Brexit deal uncertainty between the United Kingdom and the European Union. The reason could be the U.K. Prime Minister Boris Johnson's strong promise to keep the British demands closely in focus before agreeing to the European Union's demand to open fishing areas. Apart from this, another reason behind the pair's bearish sentiment could be the U.S. data, and the statement came from the London Mayor Sadiq Khan that represents the lack of satisfaction from the government's efforts in decreasing terrorist activities. Support Resistance 1.293 1.3114 1.2864 1.3234 1.2679 1.3418 Pivot Point 1.3049 On Tuesday, the GBP/USD has violated the support level of 1.3000, which was also the psychological level for the pair. Considering the bearish breakout, the GBP/USD has formed a strong bearish candle, which is now may lead the Sterling towards the next support area of 1.2915. The RSI and Stochastics are holding in the oversold zone, suggesting odds of bearish bias in the GBP/USD pair. A bearish breakout of 1.2915 is likely to lead the GBP/USD prices towards 1.2820 today. All the best for today.

On the forex front, the U.S. Dollar Index slid 0.5% on the day to a two-week low of 97.36. January Markit U.S. Manufacturing Purchasing Managers Index (PMI, final reading, 51.7 expected), Institute for Supply Management's Manufacturing PMI (48.4 expected), construction spending (+0.5% on month expected), and total vehicle sales (16.8 million units expected) will be reported.   The BTC/USD price surged over the $9,550 resistance to revoke a key head and shoulders pattern versus the U.S. Dollar. It appears like BTC is ready for a massive rally over $10K. The BTC/USD bears disappointed to drive the price under the main $9,150 support versus the U.S. Dollar. The buyers augmented control, ending in a new high over $9,500. There is an upward bullish trend line along with support around $9,280 on the hourly timeframe of the BTC/USD pair. On the upper side, the $9,500 and $9,580 marks endure the key for the next major rally. Support Resistance 9,251.21 9,484.97 9,109.07 9,576.59 8,875.31 9,810.35 Pivot Point 9,342.83 The BTC/USD has traded mostly in line with our forecast and continues to face resistance around the 9,575 area. In the daily timeframe, the BTC/USD has formed a tweezers top pattern on the daily timeframe, which is very likely to drive bearish retracement until 9,130. Whereas, the resistance stays around 9,545. The choppy session can be seen in BTC/USD today in between 9,575 - 9,235. The EUR/USD currency pair took a 0.61% gains last week and ended the 4-week losing rally since November 2018, while having faced rejection at 1.1095 & representing a 0.12% drop during the Asian trading hours despite the ECB's Lane comments. The EUR/USD currency pair is currently trading at 1.1082 and consolidates in the range between the 1.1080 - 1.1095. At the ECB front, the European Central Bank's chief economist Philip Lane said on the weekend that the permanent disconnect between the labor costs and prices couldn't be possible, and the increasing labor cost will ultimately reignite inflation. The central bank is on the way toward its 2% inflation goal. Whereas, the EUR/USD currency pair is still stuck in a bearish range as represented by the trendlines connecting December 31 and January 16 highs and October 01 and January 28 lows. From the technical perspective, a channel breakout is still needed to break the rejection level at 1.1095 to establish a bullish reversal of the January 16 high of 1.1173. Support Resistance 1.1043 1.1123 1.099 1.115 1.091 1.123 Pivot Point 1.107 The EUR/USD exhibited a strong bullish recovery to trade around 1.1095, the horizontal resistance level. For now, the pair may find support around 1.1065, which is likely to keep it bullish until 1.1125. Below this, the support is expected to be found around the 1.1040 level. The bullish bias remains dominant today. The GBP/USD currency pair failed to continue its multi-day bullish streak and dropped to 1.3160, mainly due to the fears of hard Brexit, as well as the greenback's safe-haven demand also keeps the pair bearish. As of writing, the GBP/USD currency pair is currently trading at 1.30163 and consolidates in the range between the 1.3156 - 1.3184. However, investors will closely observe the US/UK PMI's numbers, whereas UK PM Boris Johnson's speech will be key to watch for taking fresh direction. It is worth to mention that the Guardian news agency published passage of the UK PM's speech (which is scheduled to happen later in the day) that will be delivered to ambassadors and businesspeople on Monday morning. There is no need for such a free trade agreement in which the U.K. has to accept E.U. rules on competition policy, subsidies, social protection, the environment, or anything similar any more than the European Union should be required to accept U.K. rules. On the other hand, China's market opened again for trading for the first time since January 23, which was closed due to the extended Lunar New Year holidays, but now its time to end the holidays. During the holidays there have many changes came in the wake of coronavirus. Moreover, the coronavirus has pressurized the investors. Support Resistance 1.313 1.3247 1.3054 1.3288 1.2937 1.3405 Pivot Point 1.3171 The GBP/USD continues to hold below the pivot point of 1.3171 on the lower side, and presently it's trading at 1.3101. On the 4-hour chart, the GBP/USD has soared over 50 periods of EMA support, and it can extend the bullish trend above 1.3050 until the 1.3171 resistance area The RSI and MACD are holding in the overbought zone, underpinning the GBP/USD values. The GBP/USD may continue to face a hurdle near 1.3175, where the breakout of this level can lead to GBP/USD prices towards 1.3250. All the best for today.

On the forex front, the ICE U.S. Dollar Index dropped 0.2% on the day to 97.86. The European Commission will report 4Q GDP growth (+1.1% on-year expected) and January CPI (+1.4% on-year expected). The German Federal Statistical Office will release December retail sales (-0.5% on month expected). Whereas, France's INSEE will post 4Q GDP growth (+1.2% on-year expected) and January CPI (+1.5% on-year expected).     The BTC/USD price is stuck below the significant resistance level of $9,500 and prominent support at $9,250. The BTC/USD is still in jeopardy of tearing down to $8,000, particularly with the development of a mounting wedge pattern. The BTC/USD is stuck between two key areas; the obstinate resistance at $9,500 and the major support newly established at $9,250. The leading cryptocurrency in the world is consolidating 0.53% lower towards the end of the Asian session on Friday. This week's trading has been mainly bullish aside from Wednesday's correction from levels over $9,400 to examine another critical support at $9,200. Support Resistance 9,320.11 9,675.53 9,085.42 9,796.26 8,730 10,151.68 Pivot Point 9,440.84 The BTC/USD has closed three white soldiers' patterns on the daily timeframe, which are supporting the bullish bias in the pair. However, the pair seems to find resistance at 9,575. It's a double top pattern now and may drive slight bearish movement in the BTC/USD pair until 23.6% Fibonacci retracement level of around 9,313. A bearish breakout of 9,266 can lead to Bitcoin prices further down until 9,065. But in the longer run, a bullish breakout of 9,575 level can lead the Bitcoin prices towards 10K mark. The EUR/USD currency pair continues its losing streak while the pair registered the biggest monthly loss since July 2019 ahead of the German Retail Sales report. Moreover, the pair representing a 1.76% loss and dropped from the monthly open bullish level of 1.1222 As of writing, the EUR/USD currency pair is currently trading at 1.1023 and consolidates in the range between the 1.1022 - 1.1036. At the data front, the Consumer spending, as represented by Retail Sales, is expected to have dropped by 0.5 month-on-month in December, after November's 2.1% rise. The annualized figure is expected to have increased by 5% compared to November's 2.1% rise. It is worth to mention that the Euro currency had recovered from 1.1157 level to 1.1205 level on January 6 in the wake of an above-forecast November Retail Sales print. As we know, traders are not taking any position ahead of the German Retail Sales data, because this same situation could be seen today if the retail sales data release better-than-expected. Support Resistance 1.1013 1.1045 1.0993 1.1059 1.0961 1.1091 Pivot Point 1.1026 The EUR/USD recovered a bit but still trades below 1.1040 level, which markets the double top pattern for EUR/USD. For now, the pair is likely to maintain bearish bias until 1.1010, and there we can expect EUR/USD to gain a bit of support today. Conversely, the bullish breakout of 1.1040 can lead EUR/USD prices towards 1.1060. The GBP/USD currency pair flashing green and hit the above level of 1.3100, mainly due to the Bank of England announced no rate cut as well as the UK-US trade tensions decreased. Whereas, traders will keep their eyes on the United Kingdom Prime Minister Boris Johnson's speech, which is scheduled to happen at 22:00 GMT during the day of joy and sorrow. As of writing, the GBP/USD currency pair is currently trading at 1.3096 and consolidates in the range between the 1.3084 - 1.3106. The Bank of England's (BOE) previously bearish bias failed to gain much support between the monetary policy committee (MPC) because the Bank of England had to leave the benchmark interest rate unchanged on Thursday. The central bank decreased its growth forecast and marked Brexit uncertainty as a risk. On the other hand, the United States kept the U.K. at the top of the list despite disagreements of Britain's decision regarding China's Huawei's inclusion in building 5G networks. In short, the United States respected its friendship with the United Kingdom in the case of Huawei. It should be noted that the United Kingdom Prime Minster wants a deal with the European Union like Canada-style, but nothing has confirmed yet. The risk has seen again in the market in the wake of mixed headlines regarding China's coronavirus. The World Health Organization finally had released a notification for a global emergency but later gave some hope that coronavirus will likely be controlled soon. Support Resistance 1.3011 1.3143 1.2928 1.3193 1.2795 1.3326 Pivot Point 1.306 The GBP/USD has violated the intraday pivot point of 1.306 on the higher side, and now it's trading at 1.3125. On the 4-hour chart, the GBP/USD has soared above 50 periods EMA support, and it's now very likely to extend bullish bias until the 1.3175 resistance area. The RSI and MACD are trading holding in the bullish zone, underpinning the GBP/USD prices. On the higher side, the GBP/USD may find resistance around 1.3175, a violation of which can lead the GBP/USD prices towards 1.3250, while support can be found around 1.3060 today. All the best for today.

On the forex front, the U.S. Dollar Index edged up 0.1% on the day to 98.06, as the Fed kept its monetary policy stance unchanged against the backdrop of uncertainty. The European Central Bank will post the January Economic Confidence Index (101.8 expected) and final readings of the Consumer Confidence Index (-8.1 previously). The German Federal Statistical Office will release January CPI (+1.7% on-year expected) and jobless rate (steady at 5.0% expected). Economic Calendar - BOE Monetary Policy Decision in Highlights The BTC/USD traded slightly lower but lingered over the $9,150 support versus the U.S. Dollar. The Bitcoin bears need to push the price below $9,150, or the price could rally above $9,500. The Bitcoin price is trading a crucial support region around the $9,150 level versus the U.S. Dollar. The current technical structure over $9,000 implies the price is planning for the next breakout setup. Support Resistance 9,247.68 9,445.4 9,139.68 9,535.12 8,941.96 9,732.84 Pivot Point 9,337.4 The prices of bitcoin haven't changed much so far as it continues to trade around 9,308 level. The BTC/USD may find strong support at 9,244 today, and this level can keep the BTC/USD prices bullish. On the higher side, the pair may find next resistance around 9,507, and violation of this can also open further room for buying until 9,775. Whereas, a bearish breakout of 9,244 support can lead BTC/USD prices towards 9,190 and 9,030. The EUR/USD currency pair still flat and continues struggling to hit the notable bounce despite the rejection faced near the key support. As of writing, the EUR/USD currency pair is currently trading at 1.1016 and consolidates in the range between the 1.1007 - 1.1018. On the technical side, the daily chart shows consecutive long-tailed candles, which is indicating a seller failure to establish a strong foothold below the psychological level of 1.10. However, the buyers have failed to capitalize on the bear exhaustion sentiment so far. Moving ahead, the bulls may put the bids during the day ahead because the United States Federal Reserve on Wednesday have confirmed to keep the rates unchanged, but as well as, gave expectation for delivering further rate cut in the wake of higher inflation. Meanwhile, traders hoped for a rate cut by November's meeting after the Fed's statement. According to the situation, the bullish move will likely remain difficult, and the seller may push for support at 1.10 if the German employment data disappoint expectations, which are generated by the recent macroeconomic numbers like PMIs. Support Resistance 1.0995 1.1024 1.098 1.1037 1.0951 1.1065 Pivot Point 1.1008 The EUR/USD has tested the double bottom level, making it a triple top level at 1.0990. Closing of the daily candle is somewhat bullish in nature, and it may drive the bullish trend in the EUR/USD currency pair. On the higher side, the pair has the potential to go after the 1.1050 level today. While support continues to stay around 1.0990. The GBP/USD currency pair remains sidelined on a daily basis near the 1.3015, as traders are wary ahead of the key BOE decision due to mixed data. As of writing, the GBP/USD currency pair is currently trading at 1.3013 and consolidates in the range between 1.3003 - 1.3029. Elsewhere, the European Union (E.U.) finally signed the Brexit bill, while the regional leaders are planning for what will do ahead. Meanwhile, the report came that the United Kingdom Prime Minster Bris Johnson will ready to sacrifice for the free transfer of goods between Britain and Northern Ireland to fulfill his promise. It was also stated that the European leaders would also use strategy to keep up the pressure during the post-Brexit trade talks. The United States continues to pressurize the United kingdom legislators to rethink their decision to allow China's Huawei the key position in the country's 5G network developments. The market attention shifted again to China's coronavirus because the death losses rose to 170, and forecasts spread that China will refresh 20-year low due to the disease. Moreover, another reason behind the market's risk-off sentiment could the US-China trade tension because the White House has recently refused to help China regarding tariffs even if coronavirus weighs on its GDP. Support Resistance 1.2998 1.3035 1.2975 1.3049 1.2938 1.3086 Pivot Point 1.3012 The GBP/USD has broken the daily pivot point of 1.3012, and it's consolidating at 1.2985. On the 4-hour chart, the GBP/USD has dropped below the 50 EMA, and it's now very likely to extend resistance around 1.3050. The RSI and MACD are trading in the buying zone, but they seem to take a bearish turn now. The GBP/USD may encounter subsequent support near 1.2955, and a breakout of this can lead the GBP/USD towards 1.2920. Let's look for selling trades below 1.3012. All the best for today.