EUR/USD down 0.40%. Oil prices slightly recovered.

EUR/USD declined during Asian session today. As of 3:00 AM EST the pair was trading at 1.1088, which represents a 0.40% decline from the previous close.

The immediate resistance for the pair is found at 1.1150/53 (psychological levels/ Feb 18 High). On the other side, the immediate support stands at 1.1084 (Feb 8 Low), a break beyond which will move the rate down to 1.1068/64 (Feb 18 & 19 Low) levels.

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Asian markets were mostly up today. Below is presented the performance of major indices:

· Shanghai Composite gained 2.35% closing at 2,927.18.

· Nikkei 225 finished at 16,111.05, up 0.90%.

· Hang Seng closed at 19,464.09, which represents 0.93% increase from the previous close.

Oil prices recovered today. As of 2:42 AM EST, the WTI Crude was trading at 30.23 USD/bbl up 1.99% and Brent Crude at 33.53 USD/bbl, which is 1.53% above the previous close.

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According to Global Investment Outlook report published by National Bank of Abu Dhabi PJSC yesterday, the WTI crude should trade in a range between $25 a barrel and $45 a barrel for the rest of the year, although a very brief spike down towards $20 is possible.

“For at least the next few years there do appear to be solid fundamental reasons why oil prices are likely to remain in a trading range. Producers have sold less of their crude this year through forward transactions than in past years, and forward-selling would likely accelerate if prices rallied much above $40 a barrel” the bank said.

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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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