EUR/USD at 1.1214. Japan’s economy contracted more than expected.

US dollar further strengthened during Asian session today. EUR/USD rate started its gradual decline since its Thursday high and as of 3:00 AM EST it was trading at 1.1214, which is 0.36% below the previous close.
The immediate resistance level stands at 1.1236 (38.2% of Mar low-Aug high), above which the pair could climb to 1.13 levels. A support is seen at 1.12, and if the rate breaks it, the pair will drop to 1.1088 areas.

Asian markets jumped today after opening from a week off due to Lunar Year holiday. Major indices performed the following way:

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  • Nikkei 225 finished the session at 16,022.58, which is 7.16% higher than the previous close.
  • Shanghai Composite opened lower, however it steadily increased throughout the day and closed at 2.746.20, just 0.63% below than the previous close.
  • Hang Seng climbed 3.27% closing at 18,918.14.

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Japan’s economy shrank more than expected during the fourth quarter of 2015. According to the reported figures, it dropped by 0.4% between October and December compared with the previous quarter. The analysts estimated a figure to be -0.3%. The economy contracted 1.4% on an annual basis compared with expectations of -1.2%.

Oil prices opened lower, however they gradually increased throughout the day almost reaching the Friday’s close price as of the end of Asian session. WTI Crude was trading at 29.36 USD/bbl, down 0.27% and Brent Crude at 33.38 USD/bbl, 0.06% above the previous close as of 2:42 AM EST.

Oil prices rocketed on Friday after comments from United Arab Emirates’ energy minister, according to which the members of the Organization of the Petroleum Exporting Countries were willing to cooperate on production cuts.

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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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