EUR/USD at 1.1202. Oil prices slightly fell.

EUR/USD had a volatile session today. As of 1:00 PM EDT the currency pair was trading at 1.1202, unchanged from the previous close.

UOB Group analysts provided their outlook on EUR/USD today. “As highlighted yesterday, extension lower to 1.1140/45 would not be surprising but a clear and sharp drop below this level is not expected. Overall, the bearish phase that started earlier this week is intact unless there is a break above 1.1320 (1.1295 is already a strong short-term level)” written in the report.

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European shares climbed today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,156.32, up 1.70%.
  • CAC 40 rose 1.67% finishing at 4.353.90.
  • Euro Stoxx 50 was trading at 2,962.16 as of 5:50 PM GMT,which is 1.47% higher than the previous close.

Oil prices declined at the end of the European hours. As of 12:55 PM EDT the WTI Crude was trading at 47.86 USD/bbl down 0.62% and Brent Crude at 48.69 USD/bbl, which is 0.25% lower than the previuous close.

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“The overall market sentiment remains biased to the upside as a growing contingency of market participants are of the view that the market is already in a rebalancing pattern and the current round of unscheduled production cuts are starting to accelerate the process” said Dominick Chirichella from the Energy Management Institute.

Refering to the recent oil price rally, BNP Paribas lead oil and commodities strategist Harry Tchilinguirian told that the oil markets had risen too high too soon.

 

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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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