EUR/USD rose by 0.35%. Japan’s CPI met expectations.

EUR/USD increased during Asian session today. As of 3:00 AM EST the currency pair was trading at 1.1062, which is 0.35% above the previous close.

The immediate resistance for the pair stands at 1.1081/1000 (1h 200-SMA), a break beyond which will make way for a test of 1.1137/40 (Feb 19 and 22 high). On the other side, the immediate support is found at 1.1025/22 (200-DMA/ daily low), a break below which will move the rate down to 1.0987 (50-DMA) levels.

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

  • Shanghai Composite was up 0.95% closing at 2,767.21.
  • Nikkei 225 finished slightly higher at 16,188.41.
  • Hang Seng gained 2.52% closing at 19,364.15.

The indices closed the week with mixed results. Nikkei 225 and Hang Seng indices were up 1.43% and 0.41% respectively this week. Shanghai Composite lost 3.25% from last Friday’s close.

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Japan’s economic data reports today showed that the CPI remained at 0%, meeting the estimates. This is below the inflation goal target of 2%, even after adopting negative rates.

Oil prices were fluctuating around the yesterday close price throughout the day. As of 2:45 AM EST the WTI Crude was trading at 33.16 USD/bbl up 0.27% and Brent Crude at 35.26 USD/bbl, which is just 0.09% lower than the previous close.

Oil prices were recovering during the last 3 days following an announcement of an upcoming meeting between large oil producers, expected to be held in March.

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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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