Market still facing resistance. Daily Review for March 10, 2015

March 10, 2015

EUR/USD 1.0735
Euro tumbled after ُECB Draghi announced bigger QE
Euro slump after Mr. Draghi announced bigger than expected quantitative easing which placed new drop pressure over Euro , While ECB has started its program by the beginning of this week.
EURO still holding trades near this year low as downtrend pressure still affecting market , it has reached to 1.0733 which considered the lowest level since 2003.
Short-Run
With sell-off mode affecting the Euro ; the downward pressure still sustained , and the levels of 1.0650/1.0600 would be the major coming support for that currency .
As long as there is no clear signal for rebound or at least a hold for the major support levels , then the market is targeting more lower levels.
Daily Trend: Down
Weekly Trend: Down


GBP/USD 1.5035
Pound to be effected by the higher demand on US dollars
Market managed to hold downtrend pressure after U.S labor market data last week , where managed today to print 1.5028 low
market still facing support level at 1.4950 where as long as market holding trades above this level the trading zone would sustain for the coming short-run , while as long as market holding trades above 1.4810 market will hold chances for bigger rebound correction
short-run trading zone may sustain between 1.4810 - 1.5450 zone
Daily Trend: Down
Weekly Trend: Down


USD/JPY
USD/JPY: 121.89
Japanese Yen on uptrend wave
Short-Run
Market managed after U.S labor market data last week to add more advance .
Market still facing resistance at 122.50 zone , where as long as market holding trades below 121.85 another drop correction may hit the market toward 113.80 zone
The market Successfully broke 121.80s which considered a major resistance levels on the mid-term ( Now Support ) ; the successful break of that levels would push the market further to the levels of 123 /125 Yen for each US dollar.
Daily Trend: Up
Weekly Trend: Up


Crude Oil
Oil (5J) 49.63
Oil in a bigger trading range
Market managed to add more drop pressure after the International Energy Agency predicting the lowest demand growth since 2009
Market still holding drop pressure over WTI where Global economic slowdown with reducing expected Oil demand add more drop pressure
Short-run
Market is trading in a trading range ; in case market has successfully break under 48.50 the market would continue its mid-term down trend to 45s then to 42s.
Daily Trend: UP
Weekly Trend: Down


GOLD
GOLD 1158
Drop pressure back to affect Gold
Market back to dump haven on Europe-Greek agreement while Russia-germany-france meeting over Ukrainian crises helped to dump haven more
while market faced more drop pressure on Ukraine Cease-Fire Deal
while last week U.S labor market data add more drop pressure over Gold as U.S interest rate hike bets increased .
As long as market is trading below 1165 a further drop to 1140s levels is expected to a new low levels below 1130s.
Daily Trend: Down
Weekly Trend: Down


Dow Jones
Dow Jones: 17896
Equity on trading zone
On the longer-term as long as market trading higher than 17,000 us dollar for the index ;then it is an buy opportunity to target $20,000.
short-run
Market on short-term is in a correction phase would target 17250 in case is traded below 17500 , while in case market continued its up swing and crossed 182000 then our longer-term target of 20,000 would be most probable.
Daily Trend: Down
Weekly Trend: Up

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