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UFXBank Daily Review - March 11, 2010

Written by ForexCult Team
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Daily Review 11/03/2010 

USD Dollar (USD) – The Dollar fell against most majors as crude oil touched a two-month high, boosting the currencies of commodity producers. NASDAQ and Dow Jones advanced  by 0.78% and 0.03% respectively, Crude oil increased by 0.65% closing at 82.02$ a barrel, Gold(XAU) fell by 1.7% closing at 1122.3$ an ounce, as uncertainty in the European markets lowered. Today, Trade Balance is expected at -40.9B vs. -40.2B prior, Initial Jobless Claims is expected to decline from 469K to 456K.
EURO (EUR) – The Euro gained against the Dollar and touched the strongest level versus the Yen in 2 weeks, after Portugal’s cost of borrowing declined in a sign that investors are less worried that Greece’s debt crisis will spread. EUR/USD main trend continues to be downwards till it breaks above 1.3750 the momentum is bearish. Overall, EUR/USD traded with a low of 1.3544 and with a high of 1.3679.Today, ECB Monthly Report will be released.
EUR/USD – Last: 1.3636

Resistance    1.3665    1.3690    1.3705
Support    1.3622    1.36    1.3535

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British Pound (GBP) &ndash