EUR/USD up 0.26%. Oil prices rebounded during European hours.

EUR/USD rose during European session today. As of 01:00 PM EDT the pair was trading at 1.1325, which is 0.26% higher than the previous close.

According to analysts from Commerzbank EUR/USD will likely decline to 1.1140 area.

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“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI. This loss of momentum at tough resistance has provoked a sharp selloff and we would allow for slippage towards the 1.1144 24th March low. Key nearby support lies at the 1.1060/58 December high and the March 16 low. This guards 2016 support line at 1.0938. Intraday rallies are indicated to terminate circa 1.1310. Nearby resistance is 1.1460/95 (mid October high). Resistance at 1.1577 is considered the last defense for the 1.1713 September high” written in the report.

European shares closed slightly higher today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,353.52, up 0.15%.
  • CAC 40 rose 0.26% finishing at 4,506.84.
  • Euro Stoxx 50 was trading at 3,064.03 as of 5:50 PM GMT, which represents 0.32% increase from the previous close.

Oil prices rebounded during European hours after dropping more than 5% during Asian session, as the oil producing countries were not been able to reach a decision during Doha meeting on Sunday. As of 12:28 PM EDT the WTI Crude was trading at 40.00 USD/bbl down 0.89% and Brent Crude at 43.23 USD/bbl, which is 0.30% higher than the previous close.

“This meeting and its outcome should have built… trust among producers for possible future cooperation and coordinated action. In this regard, the meeting was a complete failure. The failure of the talks gives the market another clear indication that OPEC’s relevance in this market environment has faded.” reported Barclays.

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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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