EUR/USD at 1.1193. Oil prices unchanged ahead of the OPEC meeting.

EUR/USD slightly rose during the Asian session today. As of 3:00 AM EDT, the pair was trading at 1.1193, which is 0.06% higher than the previous close.

Commerzbank analysts provided their outlook on EUR/USD today. “EUR/USD is starting to bounce from the critical 1.1102/1.1058 key support. This is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend. This is major support and we are not surprised to see it hold the initial test. Initial resistance lies at 1.1216 the 25th April low, the market remains directly offered below here. The base of the 6 month channel is expected to act as the break down point to the second channel at 1.0564” written in the report.

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

  • Shanghai Composite closed at 2,925.23, up 0.40%.
  • Nikkei 225 dropped 2.32% finishing at 16,562.55.
  • Hang Seng was trading at 20,856.08 as of 3:29 PM HKT, which is 0.46% higher than the previous close.
  • S&P/ASX 200 closed at 5,278.90, down 0.83%.
  • India’s Sensex was trading at 26,685.82 as of 1:01 PM IST, which represents 0.11% decline from the previous close.

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According to the data released from the Cabinet Office today, the Japan’s consumer sentiment surprisingly rose in May. It stood at 40.9 in May, up from 40.8 in the previous month. The analysts had forecasted the index to drop to 40.1.

Oil prices are relatively stable during the Asian hours, ahead of the OPEC meeting in Vienna today. As of 3:05 AM EDT the WTI Crude was trading at 48.99 USD/bbl down just 0.04% and Brent Crude at 49.78 USD/bbl, which is 0.12% higher than 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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