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.

EURO-DOLLAR.Com Top Forex Brokers
Trade EUR/USD with AVA Trade
Trade EUR/USD with eTORO
Trade EUR/USD with XM.Com

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.

b jh

“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.

AVA Trade
Trade With Confidence
Award-winning innovative broker. Segregated accounts with leading international banks.+200 financial instruments for trading.
$30 No Deposit Bonus
Open an XM Zero account and trade with spreads as low as 0! Average EUR/USD spread 0.1
eToro Social Trading
Copy Successful Traders
Automatically copy leading traders in eToro community. Expert trader? get copied yourself to earn a second income!

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.

Tags: , ,

Leave a Reply

You must be logged in to post a comment.