On Monday, the dollar edged higher on broadly bullish captions regarding U.S.-China trade reports, while the Pound soared on expectations of an expected Brexit and an end to years of political insensibility. Trump's denial to sign Hong Kong Human Rights & Democracy Act to maintain a phase-one trade deal with China remained under headlines on Friday. The Pound, however, was not that affected by stronger U.S. Dollar as Euro was affected due to the upcoming U.K. General Elections in December. Let's look at major trade setups today...   On Monday, the leading cryptocurrency Bitcoin prices decreased over the last 24 hours, placing their lowest price in more than six months. The virtual currency touched $6,616.24 just in a short moment. At this moment, the cryptocurrency had fallen more than 35% from its immediate high of $10,000 in October and over 50% from its 2019 high of almost $14,000 placed in June. The leading virtual currency fell as much as 11% from Friday's close and was consolidating around $6,600 during the Asian session. It's the first time since May that Bitcoin traded beneath the crucial $7,000 psychological mark. Support Resistance 6,776.81 7,691.46 6,329.26 8,158.56 5,414.61 9,073.21 Pivot Point 7,243.91 There has been a massive drop in Bitcoin prices as it has violated the descending triangle pattern, which supported the pair around 7300. On Monday, the markets have opened a with a bearish gap, leading BTC/USD prices towards 6,650. For now, the Bitcoin may find an immediate resistance at 7,230 and support at 6500. A light bullish retracement can be seen until the 6900 levels before we see a further bearish trend. The EUR/USD closed at 1.10182 after placing a high of 1.10875 and a low of 1.10144. Overall the trend for EUR/USD remained Bearish that day. At 12:00 GMT, the German Final GDP for quarter remain flat at 0.1%. At 13:15 GMT, the French Flash Services PMI remained flat for November at 52.9 but came in less than expectations of 53.0. However, the French Flash Manufacturing PMI came in as 51.6, which was higher than the expectations of 50.9. At 13:30 GMT, the German Flash Manufacturing PMI also came in favor of Euro as 43.8 against the expectations of 42.9. But the German Flash Services PMI did not support Euro because it decreased to 51.3 in November against the expectations of 52.0 from the October's 51.6. The Manufacturing PMI for the whole Eurozone increased to 46.6 in November from October's 45.9 and the expectations of 46.4 and supported the single currency Euro on Friday. However, the Services PMI for zone decreased to 51.5 from the October's 52.2 and expectations of 52.4 and came in against Euro. Euro on Friday raised in the beginning session with the robust PMI data from France, but after the release of mixed data from Germany and the Eurozone, Euro traders got confused with setting the trend for EUR/USD. The weaker than expected and drop in the services sector from Eurozone was alarming. However, the Manufacturing sector's performance was satisfactory. Support Resistance 1.1067 1.1087 1.1056 1.1095 1.1036 1.1115 Pivot Point 1.1076 The EUR/USD has formed bearish engulfing candle on the daily timeframe, which is suggesting strong bearish bias. The pair may find next support around 1.0990 level along with resistance at 1.1040. The movement in the EUR/USD mostly depends upon the German Ifo Business Climate, which is due to come out during the European session today. The GBP/USD closed at 1.28271 after placing a high of 1.29280 and a low of 1.28226. Overall the trend for GBP/USD remained Bearish that day. At 14:30 GMT, the Flash Manufacturing PMI from the United Kingdom was released against a single currency – Pound and came in as 48.3 weaker than expected 48.8 for November. The Flash Services PMI also dropped to 48.6 in November from the October's 50.0 and the expectations of 50.1 and weighed on Pound. The weak PMI data from the United Kingdom on Friday put pressure on GBP/USD and set a Bearish trend for pair at the ending day of the week. Strong PMI of the United States then supported the Bearish trend of GBP/USD. At 19:45 GMT, the Flash Manufacturing PMI of the United States showed growth to 52.2 from the expectations of 51.5 for November. The Flash Services PMI was also increased to 51.6 for November from October's 50.6. More than expected, PMI gave strength to U.S. dollars on Friday and further added in the downward movement of GBP/USD. On the news front, Trump's denial to sign Hong Kong Human Rights & Democracy Act to maintain a phase-one trade deal with China remained under headlines on Friday. The Pound, however, was not that affected by stronger U.S. Dollar as Euro was affected due to the upcoming U.K. General Elections in December. The Sterling was backed by the UK PM Boris Johnson's standing in the election polls. Johnson retains a strong lead over the Labour's Jeremy Corbyn. If Johnsons in the coming three weeks lose his number of followers and Corbyn gets the lead in polls near December 12, then it would alarm Sterling buyers to re-evaluate their positions. Till then, Pound's movement will remain limited. Support Resistance 1.2794 1.29 1.2756 1.2967 1.2651 1.3073 Pivot Point 1.2862 The GBP/USD continues to trade above previously held support level of 1.2827 level. The 50 periods EMA is now resisting the pair around 1.2890, and besides that, the three black crows candlestick pattern on the 4-hour chart is suggesting chances of a further selling in the cable. The GBP/USD can continue to trade with a bearish bias below 1.2860, with the next resistance around 1.2900 and 1.2970. Conversely, the bearish breakout below 1.2850 can lead to GBP/USD towards 1.2790. All the best for today.</span

On Friday, the forex trading setups are mostly depending upon the release of PMI data from the Eurozone, the U.K, and the U.S. Previously, the U.S. dollar index traded bullish on Thursday after the release of FOMC Meeting Minutes, where Federal Reserve decided to hold its Monetary Policy and decided not to cut its rates further this year. Strong USD put pressure on EUR/USD prices on Thursday. The U.S. & China trade deal was in highlights on Thursday. The South China Morning Post reported that China was waiting to know Donald Trump's decision regarding the Hong Kong bill passed by the U.S. Senate and would then respond. The cryptocurrency's bearish bias dominated the market to trigger a sharp sell-off until $7,334 level. For the moment, the BTC/USD is in a massively oversold zone, suggesting the chances of a bullish correction. To have a bullish correction, the BTC/USD needs to stay above the crucial trading level of $7,535 today. On the upper side, resistance can be seen around $7,765. In the daily timeframe, the BTC/USD has formed a descending triangle pattern, which is likely to keep the Bitcoin supported above 7,300 level. Support Resistance 7,305.8 8,016.76 6,995.5 8,417.42 6,284.54 9,128.38 Pivot Point 7,706.46 Today's closing is very crucial to determine whether to expect further selling or bullish correction in the coming week. For instance, the closing of Doji or a spinning top pattern above 7,300 can drive a bullish sentiment for the Bitcoin. Let's keep an eye on 7,300, as in case of a bearish breakout, the Bitcoin will be exposed to 6,500 zones. The EUR/USD was closed at 1.10581 after placing a high of 1.10969 and low of 1.10521. Overall the movement of the pair remained Bearish that day. On Thursday, The European Central Bank (ECB) released the minutes from their October Meeting. ECB cut deposit rates in September and started a Quantitative Easing Program (QE), so traders were eager to learn about the plans of ECB after the last monetary easing and had a focus on October Meeting Minutes. The former Head of European Central Bank, Mario Draghi, concluded his last monetary meeting in October and called for unity to increase inflation. The decision was heavily criticized by the policymakers who were in favor of the wait & see approach. According to the ECB October's Meeting minutes, some participants of the meeting raised doubts about the side effects of the proposed central bank's policy. A plea was made for patience to allow the September measures to work through the economy and supported a wait & see approach at the current juncture. Mario Draghi's final week of serving as the president of ECB was the time where he received harsh criticism from the chiefs of German, Dutch, French, and Austrian Central Banks. They were against his September's decision of monetary easing, where he relaunched the Q.E. program and cut interest rates. However, after October's meeting, the council decided to keep its monetary policy on hold. They emphasized that further easing would be made only under circumstances where they would help ECB to reach its goal of having inflation below 2%. Policymakers stressed that to achieve growth and inflation target, there was a long way to go, but they also gave positive expectations in this regard. Christine Lagarde officially took the position of ECB President after Mario Draghi for a non-renewable term of 8 Years on November 1. She will give her first speech on Friday during a Banking Conference in Frankfurt, and traders would focus on that speech. On the data front, Europe's Consumer Confidence was released at 20:00 GMT; it came in as expected -7 and had an almost null effect on EUR/USD prices. However, on the U.S. side, the U.S. Dollar index was raised on Thursday after the release of the FOMC Meeting Minutes, where Federal Reserve decided to hold its Monetary Policy and decided not to cut its rates further this year. Strong USD put pressure on EUR/USD prices on Thursday. Support Resistance 1.1054 1.109 1.1036 1.1108 1.1 1.1144 Pivot Point 1.1072 As anticipated, the EUR/USD continued to consolidate in a sideways trading range of 1.1085 - 1.1055. The bullish breakout of 1.1085 may lead the EUR/USD towards 1.1090 and 1.1115 level. Whereas, the violation of 1.1055 can drive further sell-off until 1.1035 today. The movement in the EUR/USD mostly depends upon the manufacturing and services PMI figures, which are due to come out during the European session today. The GBP/USD closed at 1.29047 after placing a high of 1.29698 and a low of 1.28927. Overall the movement of the pair remained Bearish that day. The Strong U.S. Dollar across the board and weakened pound gave pressure to the movement of GBP/USD on Thursday. At 14:30 GMT, the Public Sector Net Borrowing from the United Kingdom was released, which came in 10.5B greater than expected 8.5B and weakened the GBP on Thursday. However, on the American side, the U.S. Dollar index was raised on Thursday after the release of FOMC Meeting Minutes, where Federal Reserve decided to hold their Monetary Policy and decided not to cut its rates further this year. Strong USD put pressure on GBP/USD prices on Thursday. On the news front, the U.S. & China trade deal was in highlights on Thursday. The South China Morning Post reported that China was waiting to know Donald Trump's decision regarding the Hong Kong bill passed by the U.S. Senate and would then respond. U.S. Yields remain high on Thursday and supported greenback to move the currency pair in a downward direction. However, the lack of economic release from the U.K. side and any major news gave GBP/USD in the hands of Strong U.S. Dollar that day. Traders would be waiting for PMI data to be released on Friday, which would further set the direction of this pair GBP/USD. Support Resistance 1.2901 1.296 1.2876 1.2995 1.2816 1.3055 Pivot Point 1.2935 The GBP/USD continues to trade above previously held support level of 1.2887 level. The 50 periods EMA is now supporting the pair around 1.2895, and besides that, the bullish engulfing candlestick pattern on the 4-hour chart is suggesting chances of a further buying in the cable. The GBP/USD can continue to trade with a bullish bias above 1.2900, with the next resistance around 1.2945 and 1.2970. Conversely, the bearish breakout below 1.2895 can lead to GBP/USD towards 1.2840. All the best for today.

On Thursday, the traders' focus stays on the ECB policy meeting minutes, which is due later in the European session. Overall, the market traded risk-off sentiment amid an increased level of uncertainty coming from the U.S. China trade war. The increased uncertainty and tension regarding trade war and U.S. interference in China & Hong Kong have dragged down the riskier assets, which include the EUR/USD pair. The pair seemed to move in a Bearish trend on Wednesday amid increased uncertainty.     Bitcoin (BTC) has extended to move around its immediate critical support at $8,000, and both, buyers and sellers, have outlived deadlocked as it fails to exhibit any particular trend in the time since its fresh drop down to its prevailing price levels. Traders are now seeing that Bitcoin is presently trading at a critical trendline that could impact its near-term price action, with a violation beneath it, possibly leading to further losses. The BTC/USD continues to trade above the psychological support level of $8,000. As we can see in the hourly chart, the BTC/USD fell below $8,000 mark to place a low of $7,960. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The technical side of the BTC/USD hasn't changed much due to a lack of trading activity in the leading crypto pair. The Bitcoin continues to trade above the psychological support level of $8,000, while the crucial resistance stays at 8,165. In between these levels, the BTC/USD can exhibit choppy trading sessions until the breakout determines its next movement. Since bearish bias remains strong, the next support is likely to be found around $7,700. In case the BTC/USD breaks above 8,165, we may see the next resistance around 8,275 and 8,346. The EUR/USD closed at 1.10723 after placing a high of 1.10813 and low of 1.10530. Overall the movement of the pair remained Bearish that day. At 12:00 GMT, the German Producer Price Index (PPI) for October was dropped to -0.2% from previous months' 0.1% and weighed on single currency Euro. The poor Producer Price Index from Germany gave impressions of weak German Economy and weighed on EUR/USD on Wednesday. On the news front, the Euro and rest of riskier assets were under pressure due to heightened trade tightness between the United States & China, and the Bill passed by U.S. Senate related to Hong Kong. After the U.S. Senate passed the Act of Hong Kong Human Rights and Democracy on Tuesday, the relationship between U.S. & China relating to Trade could further deteriorate. The increased uncertainty and tension regarding trade war and U.S. interference in China & Hong Kong have dragged down the riskier assets, which include the EUR/USD pair. The pair was seemed to move in Bearish trend on Wednesday amid increased uncertainty. After the release of FOMC meeting minutes, the EUR/USD pair started to move in the upward direction but failed to maintain a bullish candle for Wednesday. Minutes suggested that most members of the Federal Reserve believed that they were done lowering interest rates. The decreased likelihood of fourth Interest Rate Cut this year caused a sudden spike in the prices of EUR/USD on Wednesday and helped the pair to recover some of its losses. But this was highly expected and was not new in the eyes of traders so, Traders started to ignore FOMC meeting minutes, and the upward trend for EUR/USD was jeopardized. As a result, EUR/USD ended its Wednesday with a Bearish Candle. Later this week, the ECB Monetary Policy Meeting minutes and PMI would be under focus by traders to set the direction for this pair. Support Resistance 1.1054 1.109 1.1036 1.1108 1.1 1.1144 Pivot Point 1.1072 The EUR/USD is likely to consolidate in a sideways trading range of 1.1085 - 1.1055. The bullish breakout of 1.1085 may lead the EUR/USD towards 1.1090 and 1.1115 level. Whereas, the violation of 1.1055 can drive further sell-off until 1.1035 today. The movement in the EUR/USD mostly depends upon the ECB monetary policy meeting minutes, which are due to come out during the European session today. Besides, the leading indicators such as MACD and RSI are suggesting bullish bias along with the 50 periods EMA. The pair GBP/USD closed at 1.29215 after placing a high of 1.29300 and low of 1.28868. Overall the GBP/USD pair showed Null movement that day. In a televised election debate on Tuesday, PM Boris Johnson and opposition leader Jeremy Corbyn attacked each other's policies on the Economy, health care, and Brexit. Both parties seemed to fail to answer the question of voters why they should trust any of them. In an hourlong encounter, both politicians focused on their rival's weaknesses, and when tricky questions about their policy were asked, they sidestepped quietly. The debate was the first-ever head to head T.V. debate between British PM and his challenger. After the debate, the poll showed that the public was split over the decision that who was the victor. The poll suggested that 51% of voters were with PM Johnson, and 49% were with Corbyn. Elections are due on December 12, and Johnson has promised to leave Europe on January 31. He has been using this message to end Brexit crises quickly throughout his election campaign. As the debate could not provide a clear view of Public from Poll, the single currency Pound was not affected by the debate. And with no macroeconomic release on Wednesday from the United Kingdom, the pair GBP/USD was left with U.S. news & data. In the starting session on Wednesday, GBP/USD showed a drop, and after the release of FOMC October's Meeting minutes, the pair started to move in an upward direction. Minutes include information on holding interest rates and monetary policy for the time being. The upward movement was almost equal to the drop in the earlier session on Wednesday, and hence, the pair ended its trading day candle at the point where it started and showed almost zero movements for the day. Support Resistance 1.2901 1.296 1.2876 1.2995 1.2816 1.3055 Pivot Point 1.2935 The GBP/USD traded mostly as per previous levels, placing a slow of around 1.2887 level but managed to conclude the 4-hour candle above 1.2880 resistance become support level. The 50 periods RSI also supported the pair around 1.2880 level. Besides, the GBP/USD formed tweezers bottom pattern on the 4-hour chart, which is suggesting a bullish reversal in the Cable. Hence, the GBP/USD may trade bullish above 1.2900 level. The pair may face immediate resistance around 1.2930, and the bullish breakout of this may lead the Cable towards 1.2975 level today. All the best for today.

The greenback and the safe-haven yen traded higher on Wednesday, but not enough, as a lack of evidence on U.S.-China trade discussions kept traders cautious. Besides, the UK Prime Minister Boris Johnson and the opposition Party Leader Jeremy Corbyn was face to face on ITV’s Political debate after the Liberal Democrats, and the Swiss National Party was barred earlier by Judges from the appearance. Economic Calendar   Bitcoin (BTC) has proceeded gradually, crumbling down as bears get the upper hand over bulls. The sellers have now driven the cryptocurrency down to a critical support level that needs to be supported, or else it will open the doors for significantly additional declines in the near-term. Analysts are now seeing that those technical indicators may lead to the opportunity that Bitcoin is in the process of placing a double bottom. Still, BTC’s failure to post any firm bounce at $8,000 may lead to an underlying weakness amongst the crypto’s buyers. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The BTC/USD continues to trade above the psychological support level of $8,000. As we can see in the hourly chart, the BTC/USD fell below $8,000 mark to place a low of $7,960. On the daily timeframe, the BTC/USD crossed below 50 periods EMA which is placing a bearish pressure on the leading crypto pair now. At the moment, the BTC/USD is trading at 8,100 level, and it has an immediate resistance at $8365. And support at $8,000. The violation of the 8,000 support level can extend selling until $7,700. The EUR/USD closed at 1.10780 after placing a high of 1.10838 and low of 1.10624. Overall the movement for pair remained Bullish that day. From the Europe side, the Current Account figure was released at 14:00 GMT, as 28.8B, which was higher than the expectations of 22.3B. These figures gave strength to the single currency - Euro on Tuesday against USD. And hence, EUR/USD moved in an upward direction for 4th consecutive day. On the U.S. side, the Building Permits showed growth to 1.46M against expected 1.39M, and Housing Starts remained steady at 1.31M at 18:30 GMT. EUR/USD continued to move in an upward direction on Tuesday amid the increased tensions of US-China Trade talks. On Monday, China’s statement to back off from signing a phase-one deal before Trump’s impeachment proceeding and demand for Tariff's removal gave support to an upward trend of the pair. On Tuesday, the threatening statement from Trump added in the Bullish trend when he said that he would impose more tariffs if the phase one deal would not get signed till 15th December. Support Resistance 1.1054 1.109 1.1036 1.1108 1.1 1.1144 Pivot Point 1.1072 The increased level of uncertainty sounding the U.S. China trade deal as triggered selling in the US dollar, which is why the EUR/USD soared to trade bullish around 1.1080 level. This level marks a 50% Fibonacci extension level, and the reason we are seeing slight bearish movement in the EUR/USD is FOMC meeting minutes, which are likely to be hawkish. Traders may trade with a bearish sentiment today. On the lower side, 1.1065 is likely to extend reliable support to direct currency pair along with resistance at 1.1085. A breakout will determine further movement in the EUR/USD. The GBP/USD closed at 1.29237 after placing a high of 1.29696 and a low of 1.29101. Overall the movement for pair remained Bearish that day. The CBI Industrial Order Expectations of the United Kingdom were released at 16:00 GMT and showed that it was -26 and not the expected -30. The UK Prime Minister Boris Johnson and the opposition Party Leader Jeremy Corbyn was face to face on ITV’s Political debate after the Liberal Democrats, and the Swiss National Party was barred earlier by Judges from the appearance. The debate highlighted many aspects, including the EU’s importance for UK Prime Minister and Brexit. Also, how Johnson sees the National Health Services after giving the decision to cancel plans for corporate tax cuts. Johnson remained firm on his Brexit bias in debate and supported NHS but also gave importance to the region. He also confronted the allegation by Corbyn on sorting out Brexit by January, Corbyn called it as nonsense. Further, Corbyn showed readiness for another referendum and a better deal. The Snap Polls showed a different level of popularity than the major polls related to December Elections. The ITV’s poll surprised when the Labour Leader Corbyn was favored with 78%. The market reacted to this and Bearish sentiment for Pound created on Tuesday for GBP/USD. As there was no big macroeconomic release from the UK, the market continued to move with the UK’s Political news. On the American front, the US-China trade talks were also under pressure because of trump’s Trade Threats. Support Resistance 1.2901 1.296 1.2876 1.2995 1.2816 1.3055 Pivot Point 1.2935 The GBP/USD is trading sideways around the 1.2910 area; however, technically, the trading sentiment remains bearish. The GBP/USD prices have come under 50 periods EMA which is keeping it in selling below 1.2930 level. In the daily timeframe, the cable has formed a bearish harami candle below 1.2970, which is followed by a bullish trend. Typically such a pattern drives the bearish trend, and that's precisely how the GBP/USD reacted. At the moment, the GBP/USD is trading right above 50% Fibonacci retracement level of 1.2900. Continuation and bearish breakout of this level can extend sell-off until 1.2880. All the best for today.

The US Dollar fell after the uncertainties regarding the sign of phase-one deal by China & the United States prevailed in the market. The reports suggested that U.S President Donald Trump was reluctant to roll back tariffs, which weakened Dollar in the market amid the reduced possibility of successful phase-one deal signing. China has been forcing to remove tariffs from both sides as they work on the Phase-One deal. Although Donald Trump said that he has not agreed to remove tariffs in that deal, which has created uncertainty on the Phase-one deal settlement, let's took at the significant trade setups today... The stronger bearish bias has triggered further sell-off in the BTC/USD until the psychological trading level of $8,000. Breakout of the descending triangle pattern on the 4-hour chart seems to be the reason behind such price action. Earlier on the day, Bitcoin disappointed to recover $8,500 earlier today; its value has only extended to decline, sinking to as low as $8,104. At the moment, Bitcoin has tried a modest improvement to surge, but it's still trading around $8,215, down 4% during the 24 hours time span. While Bitcoin is witnessing a vital fall over the preceding seven days, dropping over 5%, the primary cryptocurrency is mostly flat over the preceding 30 days at press time. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The BTC/USD may continue to trade lower below 8,300 and bullish above 8,000 level today. In case the BTC/USD continues to drop below $8,000, then the next support is likely to be found around $7,700. The EUR/USD was closed at 1.10718 after placing a high of 1.10899 and low of 1.10510. Overall the movement for pair EUR/USD remained Bullish that day. On Monday, the US Dollar fell after the uncertainties regarding the sign of phase-one deal by China & the United States prevailed in the market. The reports suggested that U.S President Donald Trump was reluctant to roll back tariffs, which weakened Dollar in the market amid the reduced possibility of successful phase-one deal signing. China has been forcing to remove tariffs from both sides as they work on the Phase-One deal. But Donald Trump said that he has not agreed to remove tariffs in that deal, which has created uncertainty on the Phase-one deal settlement. Statements from both sides have shown in past days that they were making progress, but the details on outcomes are yet to be revealed. EUR/USD moved higher for the 3rd consecutive day on Monday amid the weak US Dollar. Reports also suggested on early Monday that China was hesitant to sign a Phase-one deal before Trump’s Impeachment results. This also supported the upward trend of EUR/USD at the starting day of the week and gave a high of 1.10899. Support Resistance 1.1054 1.109 1.1036 1.1108 1.1 1.1144 Pivot Point 1.1072 As suggested, the EUR/USD exhibited buying to test the resistance level of 1.1090. Today continuation of buying trends can lead the EUR/USD prices towards 1.1125 areas. While support stays around 1.1065. The GBP/USD pair was closed at 1.29507 after placing a high of 1.29850 and low if 1.29074. Overall the trend for GBP/USD remained Bullish on Monday. The pair GBP/USD was supported not only by the increased odds of UK Prime minister’s success in December elections but also with the decision to keep smaller parties out of the ITV’s election debate. On the data front, the Rightmove HPI from the United Kingdom fell this month to -1.3% from the previous 0.6%. This showed that property listing saw the most significant annual fall since 2009, as PM Boris Johnson promises to end economic paralysis. The combination of Brexit and upcoming elections have weighed on the market, which resulted in a fall of a number of properties put up for sale in the UK to the lowest level of 10 years. This weighed on Pound on Monday. But, GBP/USD ended its term in Bullish trend on Monday due to increased uncertainty over US-China trade talks and ignored the Brexit and HPI Index. China showed concerns over signing the Phase-one deal on Monday before the results of Trump’s Impeachment. Reports from Beijing suggested that China would wait to sign the deal before impeachment proceedings. There were also reports of conflict over rolling out of tariffs between China & the US. China wanted to remove tariffs from both sides as working on the Phase-one deal, but Trump was reluctant to remove tariffs. This has created further uncertainty over the successful completion of the Phase-one deal and weighed on the US Dollar. The GBP/USD got support from weakened US Dollar on Monday and moved in a Bullish Trend. Support Resistance 1.2922 1.2986 1.289 1.3018 1.2826 1.3081 Pivot Point 1.2954 The GBP/USD also traded bullish to hit a second resistance level of 1.2970. With this, the GBP/USD pair has formed an ascending triangle pattern, which is keeping the GBP/USD on hold below 1.2975. For now, the GBP/USD may show bearish retracement until 1.2925 before pushing higher towards 1.2975. On the upper side, violation of 1.2975 can extend the bullish trend until 1.3015. All the best for today.

The U.S. Dollar Index fell 0.2% on the day to 98.00, as economic data released on Friday was mixed. Over the weekend, the Chinese Commerce Ministry said U.S. and Chinese trade representatives held constructive discussions in a phone call over each other's core concerns of the phase one trade deal. Commodity-linked currencies were broadly higher against the greenback. AUD/USD rebounded 0.5% to 0.6820 and NZD/USD advanced 0.3% to 0.6401, while USD/CAD slid 0.2% to 1.3223.   The BTC/USD has violated the descendent triangle pattern, which is now extending resistance at 8,575 level. Besides, the bearish e engulfing pattern also supports the bearish trend in the BTC/USD today. Previously, the BTC/USD price proceeds to trend lower, scoring five continuous lower highs as the price moves a stairstep drop in a descending wedge. Interestingly, this particular pattern is described by many analysts as a sign of a potentially bullish result, so possibly there is still faith. The price has entered the $8,674 support for the 3rd times in the previous four days, raising the possibility that the price will fall to the lower trendline of the descending wedge at $8,480. The daily graph reveals that Bitcoin had used the week riding by the 200-DMA, a point which was lost earlier today. The BTC/USD has violated the triple bottom support level of 8,575, and with this, the BTC/USD can open further room for selling until 8,330 Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The BTC/USD continues to trade below previously violated triple bottom support level of 8,575, which is now working as a resistance level. Below this level, the BTC/USD can open further room for selling until 8,330. On the 4 hour chart, the BTC/USD has violated the descendent triangle pattern, which is now extending resistance at 8,575 level. Besides, the bearish engulfing pattern also supports the bearish trend in the BTC/USD today. The euro rose 0.3% to $1.1052, and the British pound gained 0.2% to $1.2901. Earlier today, the EUR/USD climbed to 1.1061. The EUR/USD currency pair still on the bullish track against the greenback for the 3rd consecutive day on Monday due to lack of any fresh clues regarding the likely United States and Cina trade deal, as well as the mixed US fundamentals continue to send lower the US Treasury yields. The uncertainty still increasing regarding whether the United States and China will reach on phase one deal, or the United States will avoid the Dec 15 tariff hike, even after the positive comments from both sides officials. So, the market's sentiment still depressed, leaving bearish pressure on the risky assets such as the Treasury yields, Support Resistance 1.1006 1.1045 1.0992 1.107 1.0953 1.1108 Pivot Point 1.1031 The EUR/USD has traded mostly in line with our forecast to hit a target level of 1.1059. Right now, it's trading at 1.1060 level with a bullish sentiment. A bullish breakout of the 1.1065 resistance area can drive further buying until the 1.1090 area today. On the lower side, 50 periods EMA is supporting the pair around 1.1035 today. The GBP/USD advanced to 1.2928. The U.K. house price dropped 1.3% on month in November (+0.6% in October), according to the home-listing website Rightmove. In the U.S., the National Association of Home Builders will release November Housing Market Index (71 expected). It should be noted that Survation polling joined the league of leading surveyors plotting almost 40% chances of another Conservative victory in the United Kingdom election. The very first surveys show around 14 points of a margin between the Tories and the opposition Labour party. Despite the uncertainties regarding the Russian interference in British politics, due to the Conservatives avoid from the releasing the report before the election, keep the GBP/USD currency pair gains in control. Moreover, geopolitical tension between the United States and China, as well as Hong Kong and Taiwan, increase questions on the recent optimism surrounding the United States and China trade deal. Support Resistance 1.2841 1.2905 1.2801 1.2929 1.2738 1.300 Pivot Point 1.2865 The GBP/USD traded bullish after violating the long-held trading range of 1.2870 - 1.2835. It's trading at 1.2920 level, which actually is a resistance level, extended by old bearish trend line on the 4-hour chart. Continuation of a bullish trend can lead to GBP/USD prices towards 1.2935, and 1.2970 remains the ultimate resistance. While on the lower side, 1.2890 remains immediate support. All the best for today.

The U.S. Dollar Index slipped 0.2% on the day to 98.15. Media reported that China is delaying the signing of phase one trade deal as negotiations over intellectual property and agricultural products are stalled. The U.S. Labor Department reported that initial jobless claims amounted to 225,000 in the week ended November 9, compared with 215,000 expected and 211,000 in the prior week. Producers' prices grew 0.4% on month in October (+0.3% expected). Let's see what's waiting for us today... The BTC/USD price proceeds to trend lower, scoring five continuous lower highs as the price moves a stairstep drop in a descending wedge. Interestingly, this particular pattern is described by many analysts as a sign of a potentially bullish result, so possibly there is still faith. The price has entered the $8,674 support for the 3rd times in the previous four days, raising the possibility that the price will fall to the lower trendline of the descending wedge at $8,480. The daily graph reveals that Bitcoin had used the week riding by the 200-DMA, a point which was lost earlier today. The BTC/USD has violated the triple bottom support level of 8,575, and with this, the BTC/USD can open further room for selling until 8,330 Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 On the 4 hour chart, the BTC/USD has violated the descendent triangle pattern, which is now extending resistance at 8,575 level. Besides, the bearish e engulfing pattern also supports the bearish trend in the BTC/USD today.   The euro gained 0.1% to $1.1020. Official data showed that the eurozone's third-quarter GDP grew 1.2% on year (+1.1% expected). The European Commission is due to post the September trade balance (18.7 billion euros surplus expected) and the final readings of October CPI (+0.7% on-year expected). The Commerce Department is due to publish October retail sales (+0.2% on month expected) and September business inventories (+0.1% on month expected). The Labor Department will report the September import price index (-0.2% expected). The Federal Reserve is likely to post October industrial production (-0.4% on month expected) and capacity utilization (77.0% expected). The New York Federal Reserve will release the November Empire Manufacturing Index (6.0 expected). Support Resistance 1.1006 1.1045 1.0992 1.107 1.0953 1.1108 Pivot Point 1.1031 The EUR/USD support level of 1.0990 managed to keep the pair supported. The EUR/USD pair bounced off above 1.0990 level and has closed a bullish engulfing candle on the daily chart, which is signaling a bullish reversal in the EUR/USD. The pair may face immediate resistance at 1.1030 level, and the violation of this may lead it towards a 1.1059 mark. The GBP/USD advanced 0.2% to $1.2882. Government data showed that U.K. retail sales increased by 3.1% on year in October (+3.7% expected). The GBP/USD currency pair breaks the bullish range after trading between the 1.2865 and 1.2830. The pair surged to 1.2888 and reached the highest level since Monday, mainly due to the weakness in the greenback. As of writing, the GBP/USD currency pair currently trading at 1.2880, consolidating daily gains boosted by a lower greenback. The greenback dropped ground across the board during the American session due to lower U.S. yields. The ten-year dropped toward 1.80%, moving away from the weekly highs it reached a few days ago. Optimism that the U.S. will reduce tariffs on China's goods wavered slightly because discussions continue to face new problems, although some positive steps were taken after both countries lifted the ban on poultry imports. On the other hand, the European automobile sector still waiting for Trump's decision on auto tariff while raising expectations that the U.S. President would delay the decision by another 180 days. Support Resistance 1.2841 1.2905 1.2801 1.2929 1.2738 1.300 Pivot Point 1.2865 The GBP/USD has violated the long-held trading range of 1.2850 - 1.2835, and currently, it's trading at 1.2880 level. It's asymmetric triangle pattern breakout, and this can keep the GBP/USD bullish for few days above 1.2830 level. For the moment, the GBP/USD is forming tweezers top pattern on the 4-hour chart, which signifies chances of a bearish retracement. Therefore, the pair may show some correction until 1.2865 before surging higher. All the best for today.

The U.S. dollar remained stable on Wednesday, as Fed Chair Jerome Powell's comments at his Congress testimony were large as expected. The ICE Dollar Index edged up 0.1% on the day to 98.31. In his testimony before an "Economic Outlook" hearing in Congress, U.S. Federal Reserve Chairman Jerome Powell stated that the market is in its eleventh year of expansion with low unemployment and moderate inflation, adding that there is little need to cut interest rates further. Later today, initial jobless claims for the week ending November 9 are expected to be 215,000. Producer prices are expected to grow 0.3% on month in October.   The BTC/USD has not moved much as it continues to follow the same technical levels. The BTC/USD continues to consolidate in a trading range of 8,836 - 8,600. Bitcoin (BTC) will cross the market cap of gold and could eventually be worth $1 million, well-known industry numbers. In a string of tweets on November 10, Bobby Lee, who discovered the Chinese cryptocurrency exchange BTC and presently operates a Bitcoin wallet startup, displayed as the freshest voice in the expanding discussion on Bitcoin versus gold. The BTC/USD has formed a bearish engulfing pattern on the hourly chart, which is suggesting the chances of a bearish reversal in the BTC/USD. The pair may continue to face resistance at 9110 levels along with support at 8850 and 8625 today. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The 8,600 level is now working as the double bottom support for the BTC/USD. We may see further clarity in trend as soon as the BTC/USD violates this range. Below 8,550, the BTCUSD can drop until 8200. While the bullish breakout of 8,836 can lead BTC/USD prices towards 9,113. The euro was broadly flat at $1.1010. Official data reported that the eurozone's industrial production grew 0.1% on month in September (-0.2% expected). Later today, the bloc's third-quarter GDP growth will be reported (+1.1% on-year expected). It should be noted that the movement of the pair depends on the german GDP German gross domestic product (GDP) which is scheduled to release at 07:00 GMT is anticipated to show the economy contracted 0.1% quarter-on-quarter in June to September (Q3) period, having decreased by 0.1% in the first quarter. The annualized GDP is forecasted to release at +0.5% in Q3 against. The previous quarter's reading of +0.4%. However, how could the GDP affect the EUR/USD currency pair? The thing is this if the GDP release in negative figures so then the pair will not be a surprise and will likely strengthen the bearish pressures in the EUR/USD, although the future outlook of the German ZEW survey pointed to some improvement in the outlook for the German economy. Notably, at -2.1, the ZEW Economic Sentiment Index for November exceeded expectations of -13 by a significant margin. The European Commission will release third-quarter GDP (+1.1% on-year expected). The German Federal Statistical Office will post third-quarter GDP (+0.5 on year expected). France's INSEE will report final readings of October CPI (+0.7% on-year expected) and third-quarter jobless rate (8.4% expected). Support Resistance 1.1006 1.1045 1.0992 1.107 1.0953 1.1108 Pivot Point 1.1031 The EUR/USD is gaining support above 1.0990, the previously suggested level. The chances of a bullish reversal remain pretty solid here. On the upper side, the immediate resistance stays at 1.1050 and 1.1080 later on. But in any case, a bearish breakout of 1.0990 can lead the EUR/USD towards 1.0955 level. The GBP/USD was little changed at $1.2854. Government data showed that U.K. CPI grew 1.5% on year in October (+1.6% expected), and core CPI was up 1.7% (as expected). The U.K. Office for National Statistics will release October retail sales (+3.7% on-year expected). At the Sino-US trade front, the uncertainty surrounding the United States and China trade deal getting more darker after the formers transit in Taiwan waters. As well as, the report came from the Wall Street Journal that the United States and China hit a snag over farm purchases. President Trump recently said that China perpetrated buying up to $50 billion in U.S. soybeans and other agricultural goods as a portion of a phase one trade deal. But China is unwilling to quantify its farm purchases now, as in result instantly activated a risk-off sentiment in the American markets that destroyed the Wall Street party. At the Hong Kong front, the Hong Kong civil unrest and violence take the worst turn for the 4th-straight day on Thursday, after the police reported that a man dressed in black and aged in his 30s died. Lastly, the U.S. Labor Department will post October PPI (+0.9% on-year expected), and initial jobless claims in the week ended November 9 (215,000 expected). Support Resistance 1.2754 1.281 1.2732 1.2845 1.2676 1.2901 Pivot Point 1.2789 The GBP/USD continues to trade in the narrow range of 1.2850 - 1.2835. On the hourly chart, the GBP/USD has formed a symmetric triangle pattern, which can trigger a breakout in either direction. Therefore, the British Retail Sales data today carry importance for the breakout. At the moment, the Cable is gaining support around 1.2830, and above this, a bullish trend can extend buying until 1.2870. Whereas, a bearish breakout of 1.2835 can lead GBP/USD towards 1.2800 and 1.2786. All the best for today.

The U.S. dollar kept trading within a tight range ahead of the Fed Chair Powell's testimony later today. The ICE U.S. Dollar Index closed broadly flat on the day at 98.20. U.S. stocks placed modest increases as investors tried to digest President Donald Trump's comments on U.S.-China trade. The DJIA was flat at 27691, the S&P 500 added 4 points (+0.2%) to 3091, and the Nasdaq Composite was up 21 points (+0.3%) to 8486. President Trump pointed out that China is "dying to make a deal. We're the ones who are deciding whether we want to make a deal." Later today, Federal Reserve Chairman Jerome Powell will testify in an "Economic Outlook" hearing in Congress.   On Tuesday, the BTC/USD continues to trade under pressure around 8,700 amid a stronger dollar. On the 4 hour chart, the BTC/USD has completed 50% Fibonacci retracement at 8,645, and this level is now working as a support for today. On the upper side, the BTC/USD has an immediate resistance at 8,750, and the violation of this level can extend buying until 8,865. Robust dollar drives the BTC/USD prices nearby 8,600. The sharp sell-off came following the BTC/USD broke symmetric triangle pattern on the hourly graph. During the early Asian session, the BTC/USD has opened higher with a passage as investors appear to make profit-taking at the start of the new week. The BTC/USD has formed a bearish engulfing pattern on the hourly chart, which is suggesting the chances of a bearish reversal in the BTC/USD. The pair may continue to face resistance at 9110 levels along with support at 8850 and 8625 today. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 The BTC/USD has mostly traded as anticipated within the trading range of 8,836 - 8,600. The 8,600 level is now working as a double bottom support for the BTC/USD. We may see further clarity in trend as soon as the BTC/USD violates this range. Below 8,550, the BTCUSD can drop until 8200. While the bullish breakout of 8,836 can lead BTC/USD prices towards 9,113.   The euro slipped 0.2% to $1.1012. The German ZEW Current Situation Index rose to -24.7 in November (-22.3 expected) from -25.3 in October, and the Expectation Index jumped to -2.1 from -22.8. The U.S. Federal Reserve Chair Jerome Powell will testify before the joint economic committee of the Congress. The European Commission will report the eurozone's September industrial production (-0.2% on month expected). Even after the moderate surge, the EUR/USD currency pair still unsafe and risks dropping below the 1.1000 range, after the weakness in the Chinese Yuan vs. the greenback, because of trade uncertainty affected China's economic recession fears continue to leave a negative impact on the Chinese currency. It should be recorded that China is the biggest exporter in the Europe market. Ahead of the U.S. inflation report, the German Final CPI figures, Eurozone Industrial Production data, and trade developments will likely give some trading impetus to the prices. However, the significant event risk for Wednesday continues Powell's testimony on the economic outlook before the congressional Joint Economic Committee, which is scheduled at 1600 GMT. The German Federal Statistical Office will release October CPI (+1.1% on-year expected). Support Resistance 1.1006 1.1045 1.0992 1.107 1.0953 1.1108 Pivot Point 1.1031 The EUR/USD proceeds to trade in a bearish tone, despite having better German Economic Sentiment survey. The EUR/USD is trading around 1.1015, right above a strong support level of 1.1010 level. On the higher side, the resistance prevails at 1.1050 and 1.1080 later on. But bearish breakout of 1.100 should also be eyed to target 1.0990. as we can expect bullish reversals around these levels The British pound was flat at $1.2851. Official data showed that the U.K. jobless rate for the three months to September fell to 3.8% (steady at 3.9% expected). On the other hand, October inflation data will be released later today (CPI +1.6% on year expected). Markets await October month Consumer Prices Index data from the United Kingdom ahead of watching over the United States CPI for the same month as well as eyes on the Fedra Reserve Chiajrman Powells statement, whereas there are very few chances to deviate the figures of United States inflation. The UK CPI could decline to 1.6% against 1.7% previous on YoY basis, whereas expected declining to -0.1% from +0.1% earlier on the MoM basis. Support Resistance 1.2754 1.281 1.2732 1.2845 1.2676 1.2901 Pivot Point 1.2789 The GBP/USD hasn't traded much after it reversed amid less bad than expected GDP figures from the United Kingdom. That signaled better growth in the U.K. economy. On the news, the GBP/USD soared to violate a bearish trendline resistance level of 1.2815. For now, the Cable is gaining support around 1.2840, and above this, the bullish trend can extend buying until 1.2890. All the best for today.

  The U.S. Dollar Index eased from a 3-weeks high, down 0.1% on the day to 98.21. Major U.S. stock indexes closed mixed, as the S&P 500 (-6 points or -0.2% to 3087) snapped a 3-day winning streak while the Dow Jones Industrial Average (+10 points to 27691) edged up to a fresh record high. The Nasdaq Composite was down 11 points (-0.1%) to 8464. European stocks were lacking momentum, as the Stoxx Europe 600 was little changed. Germany's DAX declined 0.2%, the U.K.'s FTSE 100 fell 0.4%, while France's CAC closed flat. U.S. bond markets were closed for the Veteran's Day. Spot gold slipped 0.2% to $1,455 an ounce extending its losing streak to a third session. Bitcoin (BTC) will surpass the market cap of gold and could eventually be worth $1 million, well-known industry numbers. In a string of tweets on Nov. 10, Bobby Lee, who discovered the Chinese cryptocurrency exchange BTC and presently operates a Bitcoin wallet startup, displayed as the freshest voice in the expanding discussion on Bitcoin versus gold. Robust dollar drives the BTC/USD prices nearby 8,600 low on Monday. The sharp sell-off came following the BTC/USD broke symmetric triangle pattern on the hourly graph. During the early Asian session, the BTC/USD has opened higher with a passage as investors appear to make profit-taking at the start of the new week. The BTC/USD has formed a bearish engulfing pattern on the hourly chart, which is suggesting the chances of a bearish reversal in the BTC/USD. The pair may continue to face resistance at 9110 levels along with support at 8850 and 8625 today. Support Resistance 8,586.2 9,134.95 8,354.76 9,452.26 7,806.01 10,001.01 Pivot Point 8,903.51 On Tuesday, the BTC/USD continues to trade under pressure around 8,700 amid a stronger dollar. On the 4 hour chart, the BTC/USD has completed 50% Fibonacci retracement at 8,645, and this level is now working as a support for today. On the upper side, the BTC/USD has an immediate resistance at 8,750, and the violation of this level can extend buying until 8,865. The euro edged up 0.1% to $1.1034. The ZEW German Current Situation Index will be released later today (-22.3 expected). The downside remains capped amid expectations of an improvement in the German ZEW Survey, which is seen rebounding from -22.8 to -13.0 in November. Moreover, the latest Politico report, indicating the E.U. officials that U.S. President Trump is ready to remove auto tariff decision for six more months, also gives some support to the EUR buyers but didn't leave much more positive impact on the EUR currency because of the USD strength. The ZEW survey results in November will be released for Germany (current situation -22.3, expectations -13.0 expected) and the eurozone. The Bank of France will post October Industry Sentiment Indicator (97 expected). The U.K. Office for National Statistics will report jobless rate for the three months to September (steady at 3.9% expected). The National Federation of Independent Business (NFIB) will release October Small Business Optimism Index (102.0 expected). Support Resistance 1.1006 1.1045 1.0992 1.107 1.0953 1.1108 Pivot Point 1.1031 The EUR/USD is trading below a strong support 1.1010 level extending by, and closing of bullish candle followed by a bearish trend is signaling chances of a bullish reversal in the EUR/USD. On the upper side, the immediate resistance stays at 1.1050 and 1.1080 later on. But bearish breakout of 1.1010 should also be eyed to target 1.0990. The British pound rose 0.5% to $1.2854. Brexit Party leader Nigel Farage said his party would not contest the 317 constituencies won by the Conservatives at the last election. U.K. Prime Minister Boris Johnson tweeted: "The Conservatives only need nine more seats to win a majority and leave by the end of January with a deal." On the other hand, official data showed that the U.K. GDP grew 1.0% on year in the third quarter (+1.1% on-year expected, +1.3% in the second quarter). Later today, the jobless rate for the three months to September will be reported (steady at 3.9% expected). The Brexit party leader Nigel Farage's step back from 317 voters won by Toris increase the chanced of another Conservative leadership and smooth Parliament functioning following the United States departure from the bloc. If talking about apart from monthly employment data on the economic calendar, there is very little chance to look for anywhere else ahead of the release United Kingdom September month Average Earnings and Unemployment rate will join October month's Claimant Count Change to move the GBP at 09:30 AM GMT. Support Resistance 1.2754 1.281 1.2732 1.2845 1.2676 1.2901 Pivot Point 1.2789 The GBP/USD reversed after having less worse than expected GDP figures, which signaled better growth in the U.K. economy. On the news, the GBP/USD soared to violate a bearish trendline resistance level of 1.2815. For now, the Cable is gaining support around 1.2840, and above this, the bullish trend can extend buying until 1.2890. All the best for today.