EUR/USD at 1.1171. Oil prices above $50.

EUR/USD slightly increased during the Asian session today. As of 3:00 AM EDT the pair was trading at 1.1171, which is 0.12% higher than the previous close.

Commerzbank analysts provided their outlook on EUR/USD yesterday. “EUR/USD attention remains on on the 1.1144 24th March low and the 1.1060/450 December high, the March 16 low and the channel. Very near term we look for the market to consolidate and for rallies to remain capped by 1.1280/1.1300. The base of the 6 month channel is expected to act as the break down point to the second channel at 1.0562” 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 2,822.44, up 0.26%.
  • Nikkei 225 increased 0.09% finishing at 16,772.46.
  • Hang Seng was trading at 20,368.88 as of 3:39 PM HKT, unchanged from the previous close.
  • S&P/ASX 200 rose 0.29% finishing at 5,388.10.
  • India’s Sensex was trading at 26,111.80 as of 1:10 PM IST, which represents a 0.89% increase from the previous close.

Oil prices rose during the Asian hours today, representing the third day of consecutive gains. As of 3:10 AM EDT the WTI Crude was trading at 49.89 USD/bbl up 0.67% and Brent Crude at 50.14 USD/bbl, which is 0.80% higher than the previous close.

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“I don’t think the rally will last because prices will reach a level that will bring U.S. shale oil output back into the market” said Jonathan Barratt, chief investment officer at Sydney’s Ayers Alliance.

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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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