EUR/USD unchanged. Oil prices recovered.

EUR/USD was relatively stable today. As of the end of Asian session the pair was trading at 1.1164, unchanged from the previous close.

UOB analyst provided their neutral outlook on EUR/USD for the upcoming 1-3 weeks. “We continue to expect this pair to trade in a broad 1.1120/1.1375 range even though the immediate risk appears to be tilted to the downside. A clear break below 1.1120 could lead to a quick drop towards the next support near 1.1055. On a shorter-term note, 1.1280 is already a strong resistance (key resistance is at 1.1375)” written in the report.

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Asian shares closed mostly lower today despite opening significantly above the previous close. Below is mentioned the performance of major indices:

  • Shanghai Composite closed at 2,957.82, losing 0.73%.
  • Nikkei 225 increased by 0.77% finishing at 17,134.37.
  • Hang Seng dropped 1.31% closing the session at 20,345.61.
  • India’s Sensex was trading at 25,174.80 down 0.64% as of 1:26 PM IST.

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The US Commerce Department announced on Friday the GDP results for the fourth quarter of 2015. According to the report the Gross domestic product increased by 1.4% annual rate, higher than previously reported 1%.

Investors’ eyes are on upcoming Fed meeting this week as some Fed officials made comments last week concerning Fed raising interest rates as soon as next month.

Oil prices made a recovery during Asian session today after falling three days in a row. As of 3:35 AM EDT the WTI Crude was trading at 40.05 USD/bbl up 1.50% and Brent Crude at 40.91 USD/bbl, which represents a 1.16% increase from 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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