EUR/USD unchanged. Brent price below $45.

EUR/USD had a volatile session today ranging from 1.1501 to 1.1615. As of 1:00 PM EDT the currency pair was trading at 1.1526, unchanged from the previous close.

Analyst Axel Rudolph from Commerzbank provided his outlook on EUR/USD today. “EUR/USD has risen above the 1.1465/95 April and October peaks and now trades above the February 2015 high at 1.1534. The only resistance of note above it is the August 2015 high at 1.1713”. Support can be seen between the 1.1377 February and the 1.1342 mid-March highs and also along the three month support line at 1.1290 and at the 1.1216 April trough” written in the report.

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

  • FTSE 100 closed at 6,185.59, down 0.90%.
  • CAC 40 lost 1.59% finishing at 4,371.98.
  • Euro Stoxx 50 was trading at 2,974.20 as of 5:50 PM GMT, which represents 1.93% decline from the previous close.

Oil prices fell during European hours today. As of 12:52 PM EDT the WTI Crude was trading at 43.46 USD/bbl down 2.95% and Brent Crude at 44.91 USD/bbl, which represents a 2.01% declined from the previous close.

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“The latest weakness in oil is also likely the result of higher U.S. crude build expectations and the technical stall identified for prices,” said David Thompson from Washington-based commodities-specialized broker Powerhouse.

“Speculative financial investors are remaining loyal to crude oil and thus precluding any price correction” reported Commerzbank.

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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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