EUR/USD soared another 1%. European shares slightly up.

EUR/USD sharply rose during European session, after trading below 1.1100 most of the time during Asian hours. As of 12:00 PM EST the currency pair was trading at 1.1205, which is 1.07% higher than the previous close. Dollar weakens due to poor US data announced yesterday and also the investors are concerned about Fed’s further interest rate hike. New York Fed President Bill Dudley announced yesterday, that financial conditions had tightened since the last rate increase in December. He also added that investors had to be cautious about additional strength of US dollar, which could have significant consequences for the economy.

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The immediate resistance for EUR/USD is at 1.1160 level, and if the pair breaks this point it will likely move up to 1.1250. An immediate support stands at 1.1120 and a break can move the pair down to 1.1060 level.

European markets were mostly up today after a volatile session. Major indices are presented below:

  • FTSE 100 rose 1.06%, closing at 5,898.76.
  • CAC 40 finished at 4,228.53, above just 0.04% from previous close.
  • Euro Stoxx 50 was trading at 2,905.30 as of 5:50 PM CET, up 0.30%.

Oil prices declined at the end of the European session after being above the previous close throughout the day. As of 11:41 ET the WTI Crude oil was trading at 32.17 USD/bbl, losing 0.34% and Brent Crude at 34.54 USD/bbl, down 1.43%.

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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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