EUR/USD at 1.1310. Brent price above $50 again.

EUR/USD was trading slightly higher throughout the day, but it declined at the end of the North American session, closing a bit lower. As of 6:00 PM EDT the pair was trading at 1.1310, which is 0.08% below the previous close.

Scotiabank analysts provided their outlook on EUR/USD today. “EUR has already faded the bulk of its short-lived rally to an 8 session high, finding resistance around 1.1380. Momentum signals are neutral and trend indicators are muted. We look to a return back below the 50 day MA (1.1298) toward the 100 day MA (1.1232)” written in the report.

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US shares moderately rose today. Below is presented the performance of major indices:

  • DJIA closed at 17,804.87, up 0.73%.
  • Nasdaq Composite rose 0.77% finishing at 4,837.21.
  • S&P 500 closed at 2,083.25, which is 0.58% higher than the previous close.

Analysts at oil brokerage PVM said that Thursday’s British referendum will probably keep the oil prices fluctuating during coming several days.

Oil prices were increasing throughout the day. The WTI Crude closed at 49.37 USD/bbl, up 2.90%. The Brent Crude was trading at 50.35 USD/bbl as of 5:40 PM EDT, which represents 2.40% increase from the previous close.

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“We are not expecting sustained crude price strength back to above the $50-51 area in either WTI or Brent as fundamentals appear to be undergoing a very gradual shift back toward the bearish side” said Jim Ritterbusch from Ritterbusch & Associates.

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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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