EUR/USD unchanged. Oil prices fell below $39.

EUR/USD was fluctuating around yesterday’s close price during Asian session today. As of 3:00 AM EDT the rate was unchanged at 1.1105.

The immediate resistance for this pair is located at 1.1130, a break beyond which will move the rate towards 1.1200 areas. On the other side, the immediate support stands at 1.1050/41 (psychological levels/ 200-DMA), a break below which will open doors for a test of 1.1014 (daily S2).

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Asian shares were mixed today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,864.37, up just 0.17%.
  • Nikkei 225 lost 0.68% finishing at 17,117.07.
  • Hang Seng was trading at 20,286.27 as of 3:18 PM HKT, which represents a 0.73% decline from the previous close.

Oil prices fell on Asian hours today. As of 2:55 AM EDT the WTI Crude was trading at 36.64 USD/bbl down 1.45% and Brent Crude at 39.04 USD/bbl, which is 1.24% lower than the previous close.

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Russia, Saudi Arabia, Venezuela and Qatar agreed to freeze the oil output at January levels if other oil producing countries join them. However, Iran, one of the key players reported yesterday that it didn’t consider joining the discussion on cooperative production freeze until it reached 4 million bpd output level.

“With the focus still on an output agreement, oil markets are likely to remain susceptible to further sell-offs as producers baulk at cutting production” written in the note from ANZ.

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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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