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).
BTC/USD – Daily Analysis
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.
BTC/USD – Daily Technical Levels
Pivot Point 9,773.85
BTC/USD – Daily Forecast
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.
EUR/USD – German Trade Balance
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.
EUR/USD – Daily Technical Levels
Pivot Point 1.0957
EUR/USD – Daily Forecast
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.
GBP/USD – Horizontal Resistance Breakout
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.
GBP/USD – Daily Technical Levels
Pivot Point 1.2909
GBP/USD – Daily Forecast
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.