EUR/USD: upside could struggle near 1.1300 – UOB

The research team at UOB Group expects the pair’s upside to find strong resistance around 1.1300 in the very near term.

Key Quotes

“EUR continues to advance at a torrid pace; blasting through strong resistances easily to reach 1.1238 in overnight trading (just below the major 1.1240 resistance)”.

“The rally appears to have scope to extend higher but at this stage, any up-move is not expected to move beyond 1.1300 (at least not for today)”.

“Support is at 1.1145 but only a move back below 1.1100 would indicate that a temporary top is in place”.

Feb 5, 2016

Venezuala’s oil minister says emergency oil meeting around the corner

Oil saw a rise in its prices as dollar fell and speculations over an emergency OPEC meeting rose. Oil priced has slipped considerably, almost 70 per cent from its peak in June 2014 primarily on glut concerns and also to some extent due to drop in demand. OPEC had at is Vienna meeting in December upheld its policy of pumping record volumes to defend market share. On the other hand removal of Iran sanctions raised fears that the country’s exports would flood an already overflowing market. Non-OPEC members like Russia did not seem interested in discussing an oil cut strategy. Meanwhile, Saudi-Arabia Iran face-off further lowered the possibility of any such discussion on production cut.

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