EUR/USD at 1.1223. Brent price fell to $49.37.

EUR/USD was fluctuating around the yesterday close during Asian session. As of 3:00 AM EDT the pair was trading at 1.1223, which is 0.11% higher than the previous close.

UOB analysts are still neutral on EUR/USD, however they stated that in case of the pair closing below 1.1200, they will revise their outlook to bearish. “While the downward momentum has eased somewhat after the rebound from the low of 1.1231 yesterday, the undertone for EUR is still weak and the immediate risk is tilted to the downside. However, as highlighted yesterday, only a daily closing below 1.1200 would indicate the current neutral outlook has shifted to bearish. In the meanwhile, this pair is expected to remain under pressure unless it move and stay above the 1.1330 resistance.” written in the report.

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

  • Shanghai Composite rose 1.58% finishing at 2,887.21.
  • Nikkei 225 closed at 15,919.58, up 0.38%.
  • Hang Seng increased 0.39% finishing at 20,467.52.
  • S&P/ASX 200 fell 1.08% closing at 5,147.10.
  • India’s Sensex was trading at 26,540.74 as of 1:46 PM IST, which represents 0.55% increase from the previous close.

Oil prices are still falling. As of 3:57 AM EDT the WTI Crude was trading at 48.04 USD/bbl down 0.93% and Brent Crude at 49.37 USD/bbl, which represents 0.92% decline from the previous close. Investors’ eyes are on the upcoming data from Energy Information Agency, which will be released today.

“The overall market sentiment is soft because even though production has slowed, supply is still in excess of demand and a rebalance has not yet started” said Avtar Sandhu from Philip Futures.

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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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