Technical Analysis Post

Daily Market Report: Expert Technical & Fundamental Insights – 17.02.2025

| 17 February, 2025 at 12:00 GMT

EURUSD

Last week, EURUSD closed higher by almost 1.8% , two consecutive weeks of gains, EURUSD today slightly higher at $1.0497, the highest in a month. What happened in the last week was mainly due to politics, rather than economics after the call between Trump & Putin where both leaders had an initial agreement that may enable to end the ongoing the war in Europe between Russia & Ukraine, that’s positive outcome from EZ.

Most of the traders remained bearish even if EURUSD rose by 0.78% in a month. $1.0460 is support, $1.0515 is resistance.

USDJPY

USDJPY fell today & traded at 151.56, the lowest in one week after Japan’s economy grew by 2.8% in Q4/2024, surpassing the estimates of 1% YoY, and 0.7% QoQ. Yen’s  strength was due to USD weakness &  hawkish comment from BoJ policy makers, and such a good GDP growth will support the bullish stance , in other words Yen may gain further. Industrial production from Japan will be due later today. 

Traders remained bearish;  the performance of this pair reflects this bearish attitude. 150.90 is the next target. Momentum indicator was negative, and 1H RSI is approaching from oversold level.

GBPUSD

The monthly performance of GBP was stronger than EUR vs USD after GBPUSD gained 2.1% in a month, closed higher last week by 1.8% & traded today at $1.2591, two-month highs. Busy week ahead from the UK with the release of unemployment rate ( Tuesday), CPI  & PPI on  Wednesday & retail sales on Friday. 

Hourly trend index remained bullish. $1.2625 is resistance, $1.2550 is important support. Price action still shows the potential of further advance.

Gold

Gold rose today & advanced again  to $2902 per ounce after negative weekly performance by -0.54% but gold is still high by 11% YTD. The trend remained bullish,  while the delay of Trump’s tariffs, and higher US bond yields ahead may put gold under pressure, however the outlook remained bullish. 

Price action strongly supports the advance to $2915 again, supported by positive momentum & bullish traders’ behavior. Most of the traders, 75% remained bullish.

Silver

Silver continued with the positive performance & traded higher today ta $32.38 per ounce after it gained 1% last week, still high by 12% YTD, slightly higher than gold that gained 11%. Markets were always faster than the economic reality, which means that traders already started pricing silver’s supply disruptions due to Trump’s tariffs on almost everything, and many countries including Mexico that owns five out of ten largest silver mines worldwide. 

Technically speaking, sentiments were mixed between bullish 15M , daily chart & strongly bearish in 1H chart. Momentum indicator has not yet become negative.

Oil – WTI

After it felly by 2% in the last week, crude oil prices traded slightly higher today , WTI $70.80PB, Brent $74.91PB. According to Iraqi sources, Kurdistan region could resume its oil exports by next month after halted for nearly two years. At the same time, the potential of peace agreement between Russia & Ukraine could lead to higher oil supply which may result in cheaper oil prices. Oil prices will remain under pressure, exposed to two major factors,  higher supply and tariff’s consequences on global trade. 

Short-lived gains may happen as price action has not gained the uptrend. $70.20 is support, $71.15 is resistance . Among the traders, 40% of them remained bearish, 20% were bullish. 

DAX

DAX index futures traded slightly higher on Monday, after it gained 2.5% last week, beating the performance of US equities, and followed by 2.5% in France index, and 2.11% in Spain. Germany’s central bank Bundesbank will release the monthly report later today, followed by  bank’s president speech .  

1H RSI is still totally overbought ( 75 ) so the correction to 22250 is possible. Trend index remained bullish. Volatility is shrinking.

Nasdaq

How was the performance of US equities in the last week? US equities indexes closed higher last week , Dow Jones 0.23%, SPX 1% and Nasdaq 2%, US futures traded slightly higher today. Today will be an official bank holiday in America due to President’s Day, and trading hours will be limited as well. US retail sales contracted by -0.9% in January, largest drop in a year, but industrial production & capacity utilization increased, so it was mixed data. 

1H trend index remained strongly bullish with low volatility. 21900 is support.

BTCUSD

Bitcoin fell by -1.2% last week, three consecutive weekly losses, but Eth gained 0.38%, Cardano 12.6% and XRP 11% as well. BTCUSD traded unchanged today at $96240. According to CoinDesk, SEC asked court for Coinbase case deadline extension, citing potential resolution prospects, the settlement of the case between the two parties may result in positive markets’ sentiments. 

According to trader’s forecast, 75% of the traders were bearish in one week’s forecasts poll. 

It is good to know that BTC is still up by 3.1% YTD, Eth was down by -20% , Cardano -5% and XRP is still up by 30%, so diversification matters .