EUR/USD stayed flat. WTI Crude dropped to its 12-year low.

EUR/USD closed the day at 1.1277, only 0.12% below the previous close. The rate plummeted to daily low of 1.1163 during North American session but immediately rebounded to its previous levels.

Shaun Osborne Chief FX Strategist at Scotiabank reported their bullish outlook for EUR/USD today. “However the sustained break above weekly trend resistance (off the mid 2015 high) is a positive and while spot has slipped overnight, losses are contained to the low 1.12 area, the scene of yesterday’s break higher above 1.1235” said Osborne. As per him the resistance level is 1.13 and support stands at 1.12, and the rate will break either side of that range.
The US markets were mixed today, with major indices showing the following performance:

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  • DJIA closed at 15,914.74, down 0.62%.
  • Nasdaq Composite increased to 4,283.59 (+0.35%).
  • S&P 500 didn’t change much, closing at 1,851.86 (-0.02%).

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WTI Crude oil dropped to its 12-year low of $27.24 per barrel and after a slight recovery closed at 27.45 USD/bbl, down 1.75% from the previous close. It’s important to mention, that according to US government data the crude inventories surprisingly fell by 754,000 barrels in last week driven by lower imports compared to the analysts’ estimates of 3.6 million barrels increase.

The Brent Crude was trading at 30.93 USD/bbl as of 5:34 PM EST, 2.01% above the previous close.

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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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