EUR/USD slightly lower. $40-60 oil price will last a decade.

EUR/USD slightly declined today after last week’s massive rally. As of 3:00 AM EST, the currency pair was trading at 1.1138, which is 0.20% lower than the previous close. The immediate resistance level for the pair is 1.1150 (5-DMA), while a support is seen at 1.1107 (Feb 5 low). According to a report from Danske Bank, US dollar is slightly oversold versus the Euro, but it is expected to stabilize during this week. The analysts provided a 1.0958 rate as a fair price for the currency pair.

Most Asian markets were closed today on Lunar New Year holiday. Below are mentioned the performance of major indices from open markets:

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  • Nikkei 225 opened lower, however it rebounded sharply during the middle of the trading session and closed at 17,004.30, which is 1.10% higher than the previous close.
  • Australia’s ASX/S&P 200 stayed flat at 4,975.40 (-0.02%).
  • India’s Sensex was trading at 24,634.83 as of 1:22 PM IST, which is only 0.07% higher than the previous close.

Oil prices were trading a bit higher from Friday’s close. As of 02:39 ET the WTI Crude was trading at 31.11 USD/bbl (+0.71%) and Brent Crude at 34.29 USD/bbl, up 0.68%.

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It is important to note, that the meeting between Saudi Arabia and Venezuela on Sunday showed little promise on cooperative production cut, which will drive the prices higher.

Moreover, Vitol Group BV Chief Executive Officer Ian Taylor told Bloomberg in interview, that he expects the oil prices to trade in a range of $40-60 per barrel, noting that it will last from 5 to 10 years. He also added that it’s unlikely that the prices will increase to the levels above $100 ever.

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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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