Thursday, February 24, 2011

EUR/USD 1.3800

Euro rejection from 1.3785 high on early Asian session has been contained at 1.3705 at European opening times, and the pair has bounced strongly afterwards, breaking above 1.3785, to reach fresh 3-week highs above 1.3800.

On the upside, above 1.3785, the pair might find resistance at 1.3825 (Feb 3 high) and 1.3860 (Feb 2 high). On the downside, support levels lie at 1.3700/20 (Day low/Feb 21/22 highs), below here, 1.3680, and then, 1.3235 (intra-day levels).

EUR/JPY retreat from 113.80 high on Wednesday, extended to 112.20 -Feb 22 low- at European session opening, where the pair found support, to pick up, reaching 112.95 at the moment of writing.

Even though the most active crude contract for April delivery briefly touched the $100.00 mark yesterday, the future today jumped a fresh $4.00 to hit a 29-month high of $103.41 a barrel before consolidating around $101.00 by time of writing.

The market now fears prolonged unrest in Libya, as escalating violence appears to put the country on the brink of civil war. Oil companies have further cut production as they scramble to evacuate foreign workers by any means possible, putting more pressure on other OPEC members including Saudia Arabia to make up for supply shortfalls.

Traders today will continue to have a close on the seemingly deteriorating situation in Libya, as well as the budding protests in other oil-rich countries within the Middle East. What´s more, focus will be on the EIA´s weekly inventories report to be released later today

source: http://www.fxstreet.com

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34 comments:

  1. AdamFebruary 24, 2011 at 3:47 AM

    Oil prices will def. go up after Libya. Lucky for me that I don't have a license yet and let my friends do all the driving, hehe.

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  2. metaphysicalfarmsFebruary 24, 2011 at 4:50 AM

    Oil is spinning out of control. I don't understand why people get so up in arms. The market really is just a beauty contest.

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  3. AnonymousFebruary 24, 2011 at 5:21 AM

    currency trading is a good market to trade in, as it is easier (I think) to spot the deals. Good luck!

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  4. edFebruary 24, 2011 at 5:49 AM

    oh no, does this mean the price of oil will soar

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  5. Something ConcupiscibleFebruary 24, 2011 at 6:35 AM

    Uhg, gas prices are already so high.

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  6. PvtCarlinFebruary 24, 2011 at 6:36 AM

    Thanks mate! As always.

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  7. Electric AddictFebruary 24, 2011 at 6:58 AM

    thanks for the info!

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  8. HillDogFebruary 24, 2011 at 7:25 AM

    I hope the thing in Egypt fixes itself. I really dont wanna pay 5 dollars a gallon of fuel;.

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  9. UnknownFebruary 24, 2011 at 7:40 AM

    well strong euro is good for me :3

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  10. ChuckFebruary 24, 2011 at 7:58 AM

    Can't believe these figures. Worried. Middle East problems won't help.

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  11. AtlasFebruary 24, 2011 at 8:00 AM

    The issues is that this chaos in Libya affects all the gas prices around the world since people that got their supplies from there and now searching for other sources... Ural and Russian oil maybe?

    Everything goes trough the roof

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  12. AnonymousFebruary 24, 2011 at 8:06 AM

    sad face

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  13. T3CHFebruary 24, 2011 at 8:13 AM

    It's going to be even higher!?!

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  14. plumpkinFebruary 24, 2011 at 8:27 AM

    cause of the lybia revolution?

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  15. Dj DeKuFebruary 24, 2011 at 8:33 AM

    I've seen a rise in gas prices already because of this.

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  16. ebm93February 24, 2011 at 8:55 AM

    Hope the situation improves.

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  17. FourraFebruary 24, 2011 at 9:28 AM

    i'm not sure what to do with my dollars, maybe i should sell them...

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  18. nooneFebruary 24, 2011 at 9:36 AM

    Will € continue to fall? And I spend about 150€ in gas... omg :S

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  19. Derrick OFebruary 24, 2011 at 9:38 AM

    interesting to see if the protests will spread and how it may effect the world ecconomy

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  20. AnonymousFebruary 24, 2011 at 9:49 AM

    A friend of mine just said she has an interest in currency trading and might consider this as her future job. Gonna recommend your blog to her :)

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  21. AnonymousFebruary 24, 2011 at 9:51 AM

    Oh god o.ò

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  22. Eric PFebruary 24, 2011 at 10:45 AM

    It's all very interesting. How the day before, as you said, the dollar can be strong against the Euro; and the next day, the Euro is up against the dollar - even though the situation in Libya (vis-a-vis oil production and futures) is the same.

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  23. BrendanFebruary 24, 2011 at 11:31 AM

    pretty cool, gas prices rising in the US yet we just found one of the biggest oil fields in the world.. Weird..

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  24. AlopixFebruary 24, 2011 at 11:50 AM

    I think that the crisis will expand and I dont know how economies will survive that day.

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  25. KUSHtunesFebruary 24, 2011 at 12:44 PM

    Gas is way too high as is...can't we get a break?

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  26. !sense!February 24, 2011 at 1:19 PM

    why is the euro so high wtf. Im moving.

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  27. NateFebruary 24, 2011 at 1:43 PM

    I've thought about investing in currency, I wonder how that would go over.

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  28. NebberzFebruary 24, 2011 at 2:35 PM

    some people may dislike me for this, but I hope oil prices skyrocket! What better motivation to move people to renewable resources than sucker punching their wallets!

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  29. Nik MekeenaFebruary 24, 2011 at 3:17 PM

    gas will not stop raising till at least the summer

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  30. ChefJRHFebruary 24, 2011 at 5:16 PM

    Damn this is bad news. Gas already takes a huge chunk of my income.

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  31. UnknownFebruary 24, 2011 at 6:16 PM

    Gah, good for you, bad for me. Kind of. Unless I'm betting against the home team.

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  32. Aaron M. GipsonFebruary 24, 2011 at 7:15 PM

    What does the ethanol market look like? Seems to me that would be pretty foolish not to start taking that alternative a little more seriously!

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  33. obiFebruary 24, 2011 at 8:08 PM

    great info as always, keep it coming.

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  34. soundboy1February 28, 2011 at 10:22 PM

    Ethanol is a temporary solution.

    ReplyDelete

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