EUR/USD down 0.11%. Oil prices lost 2%.

EUR/USD continued to fall after a massive drop yesterday. As of 03:00 AM EDT the pair was trading at 1.1260, which is 0.11% lower than the previous close.

UOB analysts provided their outlook on EUR/USD today. “We have held a neutral EUR view for close to 4 weeks and the break below the key 1.1325/30 support yesterday indicates that the neutral phase has ended. While further EUR weakness is expected from here, the downside potential appears to be limited to 1.1145. Resistance is 1.1350 but only a move above 1.1395 would indicate that our bearish expectation is wrong” written in the report.

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

  • Shanghai Composite closed at 3,082.36, up 0.51%.
  • Nikkei 225 jumped 3.23% finishing at 16,911.05.
  • Hang Seng was trading at 21,320.63 as of 3:31 PM HKT, which represents a 0.77% gain.
  • S&P/ASX 200 closed at 5,118.60, which is 1.26% higher than the previous close.

Oil prices dropped today. As of 3:04 AM EDT the WTI Crude was trading at 40.89 USD/bbl down 2.08% and Brent Crude at 43.35 USD/bbl, which is 1.88% lower than the previous close.

It seems that investors are worried about the upcoming meeting in Doha, which will be held on April 17. Moreover, OPEC announced yesterday about the possibility of slowing demand for oil, and also warned that there would unlikely be any strong agreement between the oil producing countries at Doha meeting.

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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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