EUR/USD at 1.1239. Oil prices slightly fell.

EUR/USD slightly rose during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1239, which represents a 0.16% increase from the previous close.

The analysts at UOB provided their bearish outlook on EUR/USD today. “While the break below 1.1230 bodes well for our bearish EUR view, the downward momentum is not as impulsive as we would like and this coupled with the strong support at 1.1145 suggests that EUR may struggle to move below this level. As such, those who are short may like to take partial profit at this level.” written in the report.

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

  • Shanghai Composite closed at 2,946.67, down 0.42%.
  • Nikkei 225 lost 0.76% finishing at 17,439.30.
  • Hang Seng was trading at 21,368.19 as of 3:07 PM HKT, representing 0.46% decline.
  • India’s Sensex was trading at 25,693.44 as of 12:38PM IST, which is 0.56% lower than the previous close.

Oil prices slightly fell during Asian session after a massive rally that lasted for three weeks. “Prices are down on profit taking. Without any major news or catalysts, prices are going to see-saw in the near term,” said Gao Jian from SCI International.

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As of 2:38 AM EDT the WTI Crude was trading at 43.48 USD/bbl down 0.57% and Brent Crude at 44.98 USD/bbl, which represents a 0.29% decline from the previous close.

“Fundamentals remain bearish and are set to deteriorate further, especially if prices move higher,” reported Morgan Stanley

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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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