Daily Market Review 22 of Fabruary
OVERVIEW

Let’s start with commodities’ market. In spite of a slight advance of Oil and major precious metals the bias is generally bearish for all these assets. Thus in the coming days we most probably are going to see a decline.  Oil (93.22, +0.41%) is likely to dip further to a symbolic level of 90.00 in the coming days. If Support at 90 doesn’t withhold, further fall to 84 will quite possible. Gold (1581, +0.16%) went up a bit yesterday. Anyway in the midterm the trend is bearish as has been already mentioned. Decline to 1515 is expected. Silver (28.78, +0.30%) is near its Support. The long term range of 27-35 is relevant. So the dip to the lower boundary of the aforementioned range is not ruled out. A few words about indices. Dow Jones (13880.62, -0.34%) dropped lower within its 13850-14050 range.  A crucial Support is at 13800. If it is broken, then Dow can depreciate even lower to 13150. Asia-Pacific region was mixed: ASX (5049.30, +1.01%), Hang Seng (22808.46, -0.43%), and Nikkei (11191.64, -1.04%). Nikkei fell in its 11000-500 range. Analysts assume that the index will remain ranged in the short term at least.

CURRENCIES

EUR/USD

The Euro (1.3197) is still weak. It relies a lot on the Support at 1.3161. Though crucial Support is located at 1.3115. Resistance line is at 1.3225. If crossed, it will become an important Support for Euro advance attempt, in case it will be able to develop a bullish momentum in order to grow.



GBP/USD

The Pound (1.5250) bounced from yesterday's low of 1.5131. The immediate upward goal is 1.5375. Nevertheless the bias for the Pound is bearish. In the long run we are more likely to see a depreciation of the Pound.