EUR/USD at 1.1127. Japan’s exports declined.

EUR/USD was trading in a range of 1.1119-1.1155 throughout Asian session today. As of 3:00 AM EST the rate was standing at 1.1127, up just 0.02%. The immediate resistance level for this pair stands at 1.1146 (1h 50-SMA/ daily high). On the other side, the immediate support is placed at 1.1100 and if the pair breaks it, a further drop will be possible towards 1.1088/ 84 areas.

Asian stock were mostly up today following a rally in US markets. Major indices have the following performance:

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  • Shanghai Composite closed at 2,862.89, just 0.16% below the previous close.
  • Nikkei 225 gained 2.28% finishing at 16,196.80.
  • Hang Seng index closed the session at 19,363.08, which represents a 2.32% increase from the previous close.

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According to the data from Ministry of Finance Japan’s annual exports dropped 12.9% compared with the average estimate of 11.3% decline. This was mainly caused by weak demand in China and other markets and represents the biggest decline since global financial crisis in 2009.

The main driver for global stocks remain the oil price which jumped more than 8% yesterday after Iran’s oil minister showed support for the deal of freezing production levels made by Russia and Saudi Arabia.

Oil prices grew moderately during Asian session, following a huge rally yesterday. As of 3:05 AM EST, the WTI Crude was trading at 31.43 USD/bbl, up 2.51% and Brent Crude at 34.87 USD/bbl, which is 1.07% 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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