EUR/USD dropped 0.46%. Oil prices continue to decline.

EUR/USD significantly dropped during European session today. As of 1:00 PM EDT the pair was trading at 1.1140, which is 0.46% lower than the previous close.

UOB analysts provided their outlook on EUR/USD yesterday, stating their bearish targets. “There is not much to add; we still believe the current EUR weakness has scope to extend lower to mid-March low of 1.1055. This is a rather strong support and those who are short from last Monday should look to cover half of their position at this level” written in the report.

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European shares finished slightly higher today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,270.79, up just 0.08%.
  • CAC 40 rose 0.05% finishing at 4,514.74.
  • Euro Stoxx 50 was trading at 3,078.48 as of 5:50 PM GMT, which is 0.24% higher than the previous close.

Oil prices were trading lower throughout the day. As of 12:10 PM EDT the WTI Crude was trading at 49.19 USD/bbl down 0.59% and Brent Crude at 49.13 USD/bbl, which is 0.93% lower than the previous close. “Speculators are clearly very cautious at these price levels. Then there is dollar strength to consider with a Federal Reserve hike in June back on the table” said David Hufton from PVM brokerage.

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“Expecting a persisting supply glut and fearing the excessively bullish sentiment, we see more downside than upside from today’s prices and maintain our cautious view” said Norbert Rücker, head of commodities research at Julius Baer.

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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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