EUR/USD at 1.1155. WTI Crude approaches the $50 mark.

EUR/USD slightly increased during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1155, which is 0.13% higher than the previous close.

Shaun Osborne, the Chief FX Strategist at Scotiabank, provided his targets on EUR/USD today. “Intraday pressure on EURUSD has eased modestly over the past 1-2 hours of European trading but the short-term picture still looks rather soft for the EUR. Minor, new cycle lows below the early May trough suggest near-term risks remain tilted lower. Longer-term price signals remain bearish as well. We look for EURUSD to test major, weekly support at 1.1050 shortly, possibly later this week. We see resistance at 1.1225/55. Look to fade short-term EURUSD gains” written in the report.

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Asian shares finished mostly higher today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,815.09, down 0.23%.
  • Nikkei 225 rose 1.57% finishing at 16,757.35.
  • Hang Seng closed at 20,368.05, jumping 2.71%.
  • S&P/ASX 200 increased 1.45% finishing at 5,372.50.
  • India’s Sensex was trading at 25,728.09 as of 1:32 PM IST, which represents a1.67% gain from the previous close.

Oil prices rose during Asian hours today. As of 3:23 AM EDT the WTI Crude was trading at 49.27 USD/bbl up 1.34% and Brent Crude at 49.21 USD/bbl, which is 1.23% higher than the previous close.

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“A strong U.S. economy is good for oil consumption and demand. Technically, the market is gearing up for WTI to go above $50 a barrel and it is intriguing on where it goes from there. I think the cap is not too far above that level – the world is still awash with oil even if it is off the peaks” said Ben Le Brun, market analyst at Sydney online brokerage OptionsXpress.

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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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