Daily Market Review 24 of May

As fears of Greece default and a break from the Euro zone increase, investors sold the Euro against the $ and preferred save heavens such as the German 10 year which is traded at 1.4$ for ten years.

Key Euro zone indicators such as the manufacturing data continue to show that a real contraction in the economy is following the financial and debt crises.

Key data to watch today:

12:30 U.S Jobless claims and U.S Durable goods orders.
13:00 Euro Zone ECB president speaks.
19:00 U.S treasury secretary speaks.
23:00 Japan CPI and core CPI.


The euro is expected to test its long term support which has turned to short term resistance at 1.275. Support can be found at 1.237. Long term down trend for the euro is expected to bring the euro to 1.185.

Trading is expected to follow the progress of the Iranian U.S nuclear negotiations.

The black Gold is expected to find short term support at 88.5 and resistance at 90.8.