EUR/USD 1.1348. German Industrial production climbed 0.8% in April.

EUR/USD had a volatile session today. As of 1:00 PM EDT the pair was trading at 1.1348, which is 0.06% lower than the previous close.

UOB analysts provided their outlook on EUR/USD today, stating a bullish target of 1.14. “We turned bullish EUR yesterday and there is no change to our view. The immediate target remains at 1.1400 where a break would shift the focus to 1.1450. Stop-loss is unchanged at 1.1250” written in the report.

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European shares rose today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,284.53, up 0.18%.
  • CAC 40 increased 1.19% finishing at 4,475.86.
  • Euro Stoxx 50 was trading at 3,040.69 as of 5:50PM GMT, which is 1.29% higher than the previous close.

According to the data from Economy Ministry released today, the German industrial production climbed 0.8% in April from the previous month. The analysts had estimated an increase of 0.7%. “Sentiment among manufacturing companies has brightened somewhat in recent months. Manufacturing is expected to continue its moderate recovery after foreign trade-related weakness in the second half of 2015” written in the statement from the ministry.

Oil prices rose during European hours today. As of 1:10 PM EDT the WTI Crude was trading at 50.09 USD/bbl up 0.80% and Brent Crude at 51.16 USD/bbl, which is 1.21% higher than the previous close.

“The main reason for oil’s move is expectations of a tighter market in the second half of the year. People are so focused on the supply side that they forget the demand side of the equation” said Fawad Razaqzada, technical analyst at Forex.com.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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