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…
Economic Calendar – U.S. Retail Sales In Highlights
BTC/USD – Daily Analysis
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
BTC/USD – Daily Technical Levels
Pivot Point 8,903.51
BTC/USD – Daily Forecast
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.
EUR/USD – CPI & Core CPI Ahead
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).
EUR/USD – Daily Technical Levels
Pivot Point 1.1031
EUR/USD – Daily Forecast
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.
GBP/USD – Retail Sales Drive Buyers
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.
GBP/USD – Daily Technical Levels
Pivot Point 1.2865
GBP/USD – Daily Forecast
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.