EUR/USD at 1.1299. Oil prices down 1%.

EUR/USD slightly fell during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1299, which is 0.16% lower than the previous close.

Commerzbank analysts provided their outlook on EUR/USD yesterday. “EUR/USD has reached initial resistance at 1.1415/20, the 61.8% retracement and channel mid point – between here and resistance at 1.1465/95 (early April 2016 high and the October 2015 high) we should see the rally grind to a halt. Provided it does so we should see a retest of the critical 1.1102/1.1058 support. This guards major support at 1.1102/1.1058 is the location of the 200 day ma, the 55 week ma, the December high, the March 16 low and the short term uptrend” written in the report.

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

  • Nikkei 225 closed at 16,601.36, down 0.40%.
  • Hang Seng dropped 1.20% finishing at 21,042.64.
  • S&P/ASX 200 closed at 5,312.60, down 0.92%.
  • India’s Sensex was trading at 26,701.28 as of 1:59 PM IST, which represents 0.23% decline from the previous close.

Oil prices fell during Asian hours today driven mainly by strong US dollar. As of 3:58 AM EDT the WTI Crude was trading at 49.97 USD/bbl down 1.17% and Brent Crude at 51.41 USD/bbl, which represents 1.07% decline from the previous close.

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“Oil prices eased back from a near 12-month high as the dollar reversed its recent trend. Despite falling slightly overnight, the outlook for oil remains positive – which should keep the recent upward trend intact” said ANZ bank today.

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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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