EUR/USD up 0.16%. Brent price above $43.

EUR/USD slightly rose during Asian session today. The pair was trading at 1.1422 as of 03:00 AM EDT, which represents a 0.16% increase from the previous close.

UOB analysts provided their neutral outlook on EUR/USD for the next couple of weeks.

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“EUR held above the crucial support indicated at 1.1325/30 last Friday (low of 1.1347). The downside pressure appears to have eased with the recovery from the low and the current up-move could extend higher to retest last week’s high near 1.1450/53. We have held a neutral view for more than 2 weeks and there are no signs that the current consolidation phase is about to end soon. In other words, we continue to expect this pair to trade between 1.1330 and 1.1495 for now” written in the report.

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

  • Shanghai Composite closed at 3,023.65, down 0.34%.
  • Nikkei 225 rose 1.13%, finishing the session at 15,928.79.
  • Hang Seng was trading at 20,498.71 (+0.28%) as of 3:51 PM HKT.
  • S&P/ASX 200 finished at 4,975.60, up 0.89%.
  • India’s Sensex was trading at 25,131.48 as of 1:23 PM IST, which represents a 0.44% increase from the previous close.

Oil prices are rising for the third day in a row. As of 3:23 AM EDT the WTI Crude was trading at 40.50 USD/bbl up 0.35% and Brent Crude at 43.06 USD/bbl, 0.54% which is higher than the previous close.

Morgan Stanley analysts reported in a note to clients that the Brent rally does not indicate any upside for price or evidence of a faster recovery in the global production glut.

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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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