EUR/USD up 0.16%. Oil prices slightly increased.

EUR/USD slightly rose today. As of 1:00 PM EDT the pair was trading at 1.1422, which is 0.16% higher than the previous close.

UOB analysts provided their short-term outlook on EUR/USD. “While the 1.1600 target indicated yesterday was exceeded with a high of 1.1614, the sharp and rapid drop from the top suggests increasing risk of a short-term top. That said, confirmation of a top is only upon a move below the stop-loss at 1.1400. In the meanwhile, EUR is expected to trade sideways but it has to move and stay above 1.1550 within these few days as prolonged consolidation would lead to a rapid loss in momentum” written in the report.

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

  • FTSE 100 closed at 6,125.70, up 0.14%.
  • CAC 40 lost 0.42% finished at 4,301.24.
  • Euro Stoxx 50 was trading at 2,936.84 as of 5:50 PM GMT, which is 0.12% lower than the previous close.

European indices closed this week with a decline, particularly FTSE 100, CAC 40, and Euro Stoxx 50 lost 2.34%, 2.89% and 3.02% respectively.

Oil prices had a volatile session today. As of 1:40 PM EDT the WTI Crude was trading at 44.60 USD/bbl up 0.63% and Brent Crude at 45.37 USD/bbl, which is 0.80% higher than the previous close.

“The global surplus still exists and there is still a possibility that oil prices could retrace further. However, the market is trading more and more in sync with the forward-looking or perception view, with the current bearish fundamentals mostly priced into the market” said Dominick Chirichella from Energy Management Institute.

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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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