EUR/USD at 1.1039. Brent price below $47.

EUR/USD was fluctuating around the yesterday close throughout the day. As of 1:00 PM EDT the pair was trading at 1.1039, which is just 0.04% lower than the previous close.

UOB analyst provided their outlook on EUR/USD after the rate significantly dropped affected by the Brexit. “EUR broke several key supports last Friday and dropped to a low of 1.0905/10. The short-term rebound from the low appears to be corrective in nature and a break below 1.0905/10 could lead to further drop to the very strong support level of 1.0820/25 (low last seen in March). Resistance is at 1.1170 but only a move 1.1300 would indicate that an interim low is in place.” written in the report.

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European shares continue to decline after a huge market sell-off on Friday. Below is presented the performance of major indices:

  • FTSE 100 closed at 5,982.20, down 2.55%.
  • CAC 40 lost 2.97% finishing at 3,984.72.
  • Euro Stoxx 50 was trading at 2,697.44 as of 5:50 PM GMT, which is 2.83% lower than the previous close.

Oil prices fell more than 7% since Friday, when it was announced that Britain voted to leave the EU. As of 12:51 PM EDT the WTI Crude was trading at 46.10 USD/bbl down 3.23% and Brent Crude at 46.90 USD/bbl, which represents 3.12% decline from the previous close.

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“We feel that a market shock such as Brexit can often induce enough chart damage to force a major long liquidation phase. But we don’t currently see such a development on the horizon given the crude market’s ability to maintain value above this month’s lows even through the Friday price plunge” said Jim Ritterbusch from Ritterbusch & Associates.

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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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