EUR/USD at 1.1092. Shanghai composite rising for 4 days in a row.

EUR/USD slightly fell during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1092, which is just 0.14% below the previous close.

UOB analysts provided bullish target for EUR/USD. “As mentioned last Friday, while we turned bullish EUR, the upside potential is likely limited to 1.1245. The current movement is a short-term consolidation and this should lead to an eventual move higher in the next few days” written in the report.

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Asian shares were mostly down today except Chinese Shanghai Composite, which is rising for a forth day in a row. The index rose today driven by comments from Premier Li Keqiang, who stated that the government will employ innovative measures to keep the economic growth in line with initial targets.

“Reform and development aren’t contradictory. We should be able to stimulate market vitality and support economic development via structural reforms” said Li.

“There is no spectacular surprise in Li’s comments and the market will remain in a consolidation phase in the next few sessions” said Ronald Wanfrom from Partners Capital International.

Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,870.43, up 0.21%.
  • Nikkei 225 lost 0.83% finishing at 16,974.45.
  • Hang Seng was trading at 20,212.06 as of 3:13 PM HKT, representing a 0.38% decline.

Oil prices slightly recovered today after declining for two days in a row. As of 2:44 AM EDT the WTI Crude was trading at 36.85 USD/bbl up 1.40% and Brent Crude at 39.09 USD/bbl, which is 0.90% above the previous close.

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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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