Market Analysis Review

Daily Market Report: Expert Technical & Fundamental Insights – 10.03.2025

| 10 March, 2025 at 12:00 GMT

EURUSD

EURUSD was little changed today, trading at $1.0833, the highest since November 2024, after it gained by more than 3% in a week, the best weekly performance since November 2022. EUR’s strength was due to USD weakness, softer than expected US nonfarm payrolls in February, and the ongoing chaos because of Trump’s tariffs. EZ economy grew by 0.2% in Q4/ QoQ, 1.2% YoY, stronger than the estimates which was another catalyst to bet higher on EUR.  

As clarified that price action kept advancing, 1H trend index remained bullish. The next resistance will be at $1.0880. $1.0785 is the support ( profit-taking).

USDJPY

USDJPY fell today to 147.63, the lowest level since September 2024  after it dropped by -1.3% in a week. What the markets are still expecting is that BoJ will remain hawkish, widely expected to raise the rates further . Japan’s GDP in Q4 and household spending will be released later today. Labor cash earnings in Japan grew by 2.8% in January, weaker than December of 4.4%, it shows the average income before taxes per regular employee. 

1H RSI is trading sideways for now amid shrinking volatility. 148 will be the next resistance, 147.15 is support. Traders’ sentiments surprisingly remained bullish in one week forecast, and strongly bullish in one month outlook.

GBPUSD

GBPUSD was little changed today, trading at $1.2918 after weekly gains by 1.7%. In the last seven weeks, GBPUSD gained in five. The weekly gains were mainly due to USD weakness, rather than GBP strength as UK fundamentals showed no change. No major economic releases from the UK before Friday. 

Daily trend remined bullish, but the traders were divided in their short-term forecasts. $1.2875 will be the target for profit-taking ( if happens).

Gold

Gold was little changed today, trading at $2910 per ounce, after positively closing higher by 0.68% in the last week. Fed’s Chair Powell clarified on Friday that the Fed is not in rush to cut interest rates which means that the Fed is likely to remain data-dependent. Weaker USD in the last week supported Gold, and the delay of Trump’s tariffs  on Mexico & Canada for a month gave short-term relief. 

More than 30% of the traders were bearish in their short-term outlook, but the daily trend remained bullish. $2902 is support, $2928 is resistance.

Silver

Silver slightly fell today & traded at $32.45 per ounce. Last week was the best weekly closing since October 2024 as silver rose 2.5%. Data showed that PPI in China contracted by -2.2% in February after another contraction by -2.3% in January, it was the lowest since August2024. As long as deflation persists in China, the outlook for stronger demand may falter. Not to mention that inflation in China dropped by -0.7% in February , the first consumer deflation in a year. 

1H trend index is bearish now, with low volatility, which is likely to continue. $32.20 is support, $32.70 is resistance. 1H RSI remained neutral .

Oil – WTI

Two consecutive weeks of loss, crude oil prices traded weaker today after falling by more than -2% in the last week, WTI $66.76 PB, Brent $70.10PB. The delay of Trump’s tariffs for a month was somehow negative on oil prices as oil supply may not be affected , at least for now. At the same time, OPEC+ agreed to increase its oil output in April by 138K barrels a day and according to IEA, IEA predicts that  market will have a supply surplus of 450K barrels a day even without OPEC+’s increase, such a  prediction may have negative impact on markets’ demand outlook. 

Both, daily & hourly trend index remained bearish. Traders’ views were mostly bearish as well. $65.65 is support, $67.90 is resistance. Volatility is low for now.

DAX

DAX index futures resumed trading on Monday higher by 0.60% to 23148. On weekly basis, DAX was little changed by only -0.10% , unlike FTSE100 that fell by more than -2% and US equities that lost more tan -1.5% as well. Germany’s trade balance & industrial production for the month of January will be released later today. Between weaker rates ahead from ECB, and strength of EUR, traders may become more cautious & skeptical than before. 

Price action is heading higher again, targeting 23350. Trend index remained bullish.

Nasdaq

Three consecutive weeks of the negative closing in US equities indexes with more than -7% weekly losses in Nasdaq , -5.4% in SPX & -4.3% in Dow Jones, US stock futures traded weaker today as well. It was very clear that the consequences of Trump’s tariffs are likely to be ugly on both outlook  & markets’ sentiments. Fed Chair Powell’s speech was hawkish on Friday, adding more pressure on US stocks as he clarified that Fed  is in no rush to cut interest rates, which means higher rates for longer. His risk assets don’t like higher interest rates. Trump said that the US economy is undergoing a period of transition. 

Our technical view was accurate & the target at 20150 was executed, new support was added. .  20400 will be the next target ( market bulls).

BTCUSD

Major cryptocurrencies traded higher today, Bitcoin $82300, Eth $2069, XRP $2.1765, Cardano $0.7445 and Solana gained 1% to $127.66. Top ten cryptocurrencies in market cap fell lost last week, except USDT that was slightly higher by only 0.03%. According to BBC, North Korean hackers cash out hundreds of millions from $1.5bn ByBit hack. According to CoinDesk, Spanish bank BBVA gets green light to offer BTC & Eth trading. 

Traders’ forecasts remained mostly bearish in one week. $80200is support, $86200 is resistance. Daily trend index was bearish and  1H price action remained cautious, trying to recover from an oversold level.