Market Analysis Review

Daily Market Report: Expert Technical & Fundamental Insights – 21.02.2025

| 21 February, 2025 at 12:00 GMT

EURUSD

EURUSD was almost unchanged today, trading at $1.0492, still flat throughout  the week. Busy day ahead from EZ with the release of PMI numbers in services & manufacturing from EZ, Germany, France & Italy. EU leaders were engaged in important talks , trying to show full support to Ukraine, econo9mically & militarily after Trump’s problematic comments on Ukraine’s leader. 

1H trend index remained bearish, and  most of the traders remained bearish as well. Price action is almost overbought, however further gains are possible , targeting $1.0520.

USDJPY

USDJPY traded higher today & advanced to 150.64. Japan’s national inflation rose to 3.2% in January, higher than before at 3% , such an elevated CPI will keep the pressure on BoJ to raise the rates further, in other words, Yen’s strength may continue. At the same time, US bond yields remained the major catalyst that influences the trend. 

1H price action is supporting further advance to 151.40 , supported by bullish trend index. How about the traders’ forecast? 40% of them were bearish & 60% remained sideways.

GBPUSD

Two-month highs, GBPUSD traded slightly higher today at $1.2675. UK retail sales improved in January and UK inflation rose to 3% , the highest in ten months which means that BoE may stay slightly hawkish. GBPUSD maintained the weekly gains by 0.72%, 2.95% in a month,  in better performance than EUR vs USD. Keep an eye on PMI numbers in service & manufacturing later today. 

Daily trend index remained bullish. 1H RSI is almost overbought, correctio to $1.2650 is possible but not a must. $1.27 will be the nest daily target.

Gold

With more than 1.7% increase in a week, gold fell today to $2930 per ounce after hitting $2950 per ounce yesterday , all time high,  with four consecutive days of the positive closing. According to Swiss custom data, gold exports from Switzerland rose in January as the shipments to the US reaching the highest level in 13 years. Demand for gold is likely to remain robust, benefiting from sticky inflation globally, and dovish stance be the central banks ahead and  not to forget the consequences of Trump’s tariffs. 

Sentiments remained strongly bullish by 75% of the traders, and only 25% were bearish, which we think may show the expectation for technical correction ( that’s what happens today) . $2920 & $2896 are support levels & targets for correction ( if happens).

Silver

Silver was little changed this morning, trading at $32.90 per ounce, the highest in almost four months. All eyes will be on PMI numbers in manufacturing from the US, UK & EZ, the higher the numbers, the stronger the demand for silver is likely to materialize. Silver is still up by 2.6% in a week, beating gold’s performance that gained 1.7% in a week. 

Technically speaking, 15M trend index remained bullish , but price action remained sideways. $32.50 is an important support. $33.15 will be the next target.

Oil – WTI

Crude oil prices remained on track for the first weekly gains in five weeks. WTI trade weaker today at $71.99PB, Brent $76PB. According to EIA, US weekly crude oil inventories increased by 4.6 million barrels last week, higher than the estimates of 3 million barrels. At the same time, OPEC+ delegates suggested delaying supply increases which means that OPEC members remained cautious about the future of the demand in the short-term. PMI numbers in manufacturing will be important later today from US, UK & EZ. 

Price action kept falling, targeting $71.70 then $71. 1H trend index was bearish and 40% of the traders were bearish as well, and only 20% bullish.

DAX

German DAX index is still down by -1% in a week, trading weaker today at 22274. Yesterday, DAX lost -0.5% with two consecutive days of loss, led by Mercedes -2.5% after reporting weak fourth-quarter revenue & profits. PPI in Germany contracted by -0.1% in January MoM, showing that the prices kept falling due to weak demand . PMI numbers in services & manufacturing will be due later today. 

1H trend index remained bullish after being oversold. But beware of the fake entry sign that could mislead the traders due to falling price action. 22090 will be the next support, 22560 is an important resistance.

Nasdaq

US stock futures remained mixed today after closing weaker on Thursday, Dow Jones -1%, SPX -0.43% & Nasdaq -0.47%. Walmart’s stock plunged by -7% after weaker outlook. Busy day ahead from America with the release of PMI numbers in services & manufacturing, existing home sales, University of Michigan consumer sentiment & 5Y inflation expectation. US initial jobless claims increased last  week by 219K , higher than before. Remember that thousands of US workers were fired from many government agencies , so the initial jobless claims may keep increasing in the coming weeks. 

15M trend index was bullish, but hourly one remained bearish. Price action has not confirmed yet that the sentiments became fully bearish. Keep an eye on 21900 ( support) .

BTCUSD

Bitcoin slightly  fell today to $98200, Eth gained 0.57%, Cardano was down -0.75% and XRP fell -1% to $2.6653. The lack of new catalysts in crypto market sent fear & greed index into flat-neutral territory, and there was no net flow into BTC – ETF yesterday but outflow by $364,800,000 . 

According to trader’s forecast, 75% of the traders were bearish in one week’s forecasts poll. Trend index in 1H improved to bullish, supported by price action that increased, targeting again $98500 ( very close) then $99700.