EUR/USD at 1.1263. Eurozone CPI stayed flat.

EUR/USD had a volatile session today. As of 1:00 PM EDT the pair was trading at 1.1263, which is 0.09% lower than the previous close.

Analysts at Commerzbank provided their bearish targets on EUR/USD today.

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“EUR/USD charted a minor new high of 1.1465 which was not confirmed by the daily RSI earlier this week. This loss of momentum at tough resistance has taken its toll and the market has sold off sharply and we would allow for slippage towards the 1.1144 24th March low. Key nearby support lies the 1.1060/58 December high and the March 16 low. This guards the bottom of the range at 1.0930. Intraday rallies are indicated to terminate circa 1.1320” written in the report.

The European shares moderately rose today. The performance of major indices is presented below:

  • FTSE 100 closed at 6,365.10, up just 0.03%.
  • CAC 40 rose 0.47% finishing at 4,511.51.
  • Euro Stoxx 50 was trading at 3,060.86 as of 5:50 PM GMT, which 0.71% higher than the previous close.

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Today’s revised data from European Union’s statistics agency revealed that the Eurozone inflation was flat in the year to March, higher than the analysts’ expectations of 0.1% decrease.

Oil prices recovered during European session. As of 12:40 PM EDT the WTI Crude was trading at 41.83 USD/bbl up 0.17% and Brent Crude at 44.30 USD/bbl, which is 0.27% above the previous close.

Investors eyes are on upcoming meeting in Doha, where a deal on cooperative oil production freeze will be discussed.

“If there is to be a production freeze, rather than a cut, the impact on physical oil supplies will be limited” the International Energy Agency reported yesterday.

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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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