EUR/USD up 0.37%. Oil prices rose 3%.

EUR/USD was trading above the yesterday close most of the time today. As of 1:00 PM EDT the pair was trading at 1.1269, which is 0.37% higher than the previous close.

Commerzbank analyst Karen Jones provided her outlook on EUR/USD today. “EUR/USD sold off to, tested and held the base of the 2016 channel, today at 1.1129. It remains capped by the 55 day ma at 1.1308 and this offers initial resistance, however the intraday Elliott wave chart is suggesting a retest of potentially 1.1465/95, where we would expect failure. Provided it remains capped there our bias is negative and we shall shortly see a retest of the critical 1.1129/1.1058 support. A close below 1.1058 would target 1.0821, the March low enroute to the base of the second channel at 1.0564” said Jones.

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

  • FTSE 100 closed at 6,021.09, up 1.19%.
  • CAC 40 rose 0.98% finishing at 4,193.83.
  • Euro Stoxx 50 was trading at 2,849.17 as of 5:50 PM GMT, which represents 1.06% increase from the previous close.

Despite rising today, the European shares finished lower for the week, https://SocialTrusts.com with FTSE 100, CAC 40, and Euro Stoxx 50 posting losses of 1.55%, 2.85%, and 2.13%, respectively.

As of 1:21 PM EDT the WTI Crude was trading at 47.44 USD/bbl up 2.66% and Brent Crude at 48.66 USD/bbl, which is 3.12% higher than the previous close.

“We still expect a price retreat for oil into the low 40’s. Next week, as the pressure for the Brexit outcome mounts, we suspect oil prices once again will be weak” said Nico Pantelis, head of research at Secular Investor.

 

 

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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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