EUR/USD up 0.22%. German CPI rose 0.3% year-on-year.

EUR/USD gradually rose throughout the day. As of 1:00 PM EDT the currency pair was trading at 1.1319, which is 0.22% higher than the previous close.

Barclays’ analysts provided their technical setups for EUR/USD. “We are bearish and would prefer to use upticks around 1.1265 as an opportunity to sell at better levels. A move below our initial downside targets near 1.1145 would encourage our bearish view. Our next targets are in the 1.1055 area” written in the report.

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European shares were up today. The performance of major indices is presented below:

  • FTSE 100 closed at 6,203.17, up 1.59%.
  • CAC 40 increased 1.78% finishing at 4,444.42.
  • Euro Stoxx 50 was trading at 3,044.10 as of 5:50 PM GMT, which represents a 1.31% gain.

Data released from Destatis showed that Germany’s consumer prices increased faster than expected in March. The consumer price index rose 0.3% year-on-year compared with the analysts’ estimates of 0.1% increase. Energy prices sharply fell 8.9%, while the food prices increased 1.3%. The CPI increased 0.8 percent in March on monthly basis after rising 0.4 percent in February. The monthly increase was the highest since February 2015.

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This data release will strengthen the Bundesbank opposition to further monetary easing and reduce the probability of further ECB action.

Oil prices dropped to almost yesterday’s close at the end of the European session after gaining more than 3% at the afternoon session. As of 1:12 PM EDT the WTI Crude was trading at 38.26 USD/bbl down 0.05% and Brent Crude at 39.29 USD/bbl, which is 0.38% higher than 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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