UFXBank Daily Review - February 16, 2010

Written by ForexCult Team
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Daily Review 16/02/2010 

USD Dollar (USD) – The Dollar traded in a narrow range on a low volume session with the US markets closed for President's Day. Crude oil closed at 74 $ a barrel, Gold (XAU) gained and closed at 1100$ an ounce. Today, The NY Empire State Manufacturing Index is expected at 17 vs. 15.9 previously. The Treasury International Capital (TIC) Net Long-Term Transactions is expected at 50B vs. 126.8B previously.

EURO (EUR) – The Euro fell modestly against the Dollar still trading near the 1.36 level. The euro traded near the lowest level in almost nine months as European leaders refused to detail how they would rescue Greece if it fails to finance its debt. Italian Trade Balance index came out -0.12B better than -0.75B expected. As long as the Euro is below resistance at 1.37 it is still on a downtrend. Overall, EUR/USD traded with a low of 1.3577 and with a high of 1.3632. Today, The German ZEW Economic Sentiment is expected at 42.5 vs. 47.2 previously.

EUR/USD – Last: 1.3619

Resistance    1.3645    1.3675    1.3735
Support    1.355    1.35    1.345

British Pound (GBP) &ndash