EUR/USD closed lower despite hitting the daily high of 1.1615.

EUR/USD had a volatile session today reaching a daily high of 1.1615, but sharply dropping during European hours. As of 6:00 PM EDT the pair was trading at 1.1495, which is 0.27% lower than the previous close.

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Danske Bank analysts provided their outlook on EUR/USD today. “EUR/USD broke through the top end of the 1.05-1.15 range, which has been holding since August 2015 where a clean break of the 1.15-1.16 area would open the door for further gains. ECB’s nominal effective euro is around 1ppt below the peak reached during the market turmoil in mid-February suggesting that the EUR/USD could strengthen a bit further near term. Fundamentally, EUR/USD is supported by valuations and current account differentials but we think that relative rates will cap EUR/USD strength” written in the report.

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

  • DJIA closed at 17,750.91, down 0.78%.
  • Nasdaq Composite lost 1.13% finishing at 4,763.22.
  • S&P 500 closed at 2,063.37, which is 0.87% lower than the previous close.

“We had a nice rally yesterday, and in essence we’re peeling that back today. The market is stuck in a trading range that is at the intersection of full valuations in U.S. equities and news that has not been necessarily overwhelming positive,” said Mark Luschini from Janney Montgomery Scott.

Oil prices fell today, representing a third day of consecutive declines. The WTI Crude closed at 43.65 USD/bbl, down 2.52%. The Brent Crude was trading at 45.22 USD/bbl as of 5:32 PM EDT, which is 1.33% lower than the previous close.

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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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