UFXBank Daily Review - February 11, 2010

Written by ForexCult Team
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Daily Review 11/02/2010 

USD Dollar (USD)
– The Dollar gained against most majors after Federal Reserve Chairman Ben S. Bernanke said the central bank may raise the discount rate “before long” as part of the “normalization” of Fed lending, in addition, Trade Balance came out worse than expected at -40.2B vs. -35.8B forecast. NASDAQ and Dow Jones  weakened  by 0.14% and 0.20% respectively, Crude oil rose  by 0.9% closing at 74.5$ a barrel, Gold(XAU) decreased by 0.4% closing at 1073$ an ounce. Today, Initial Jobless Claims  are expected to decrease from 480K to 460K.
 EURO (EUR) – The Euro fell against the Dollar after a German government official said the European Union will probably stop short of announcing an aid package for debt-stricken Greece. Speculations about loan guarantees for Greece and hints from Fed Chairman Bernanke about a possible rate hike dragged the Euro lower. We can see on the daily graph a clear downward trend therefore the momentum is still bearish, moving average support this momentum as well , Overall, EUR/USD traded with a low of 1.3676 and with a high of 1.3812. Today, EU economic Summit will be held during the day and is speculated to announce Greece's bailout details. ECB Monthly Bulletin will be released today.
EUR/USD – Last: 1.3788

Resistance    1.3812    1.3896    1.4025
Support    1.3675    1.3620    1.3587

British Pound (GBP) &ndash