Turning Point on Forex Market

August 25, 2014

Last week’s trading finished with a slump. In Europe, the British FTSE 100 fell 0.04 percent down to 6,775.25 points, the German DAX dropped 0.66 percent down to 9,339.17 points, and the French CAC 40 shed 0.93 percent going down to 4,252.80 points.

In Russia, the MICEX index fell 1.04 percent down to 1,446.60 points and the RTS index – 1.22 percent down to 1,260.07 points.

The American Dow Jones lost 0.22 percent finishing trading at 17,001.22 points, the S&P 500 dropped 0.20 percent down to 1,988.40 points while the NASDAQ grew 0.14 percent up to 4,538.55 points.

The NYMEX price of the September WTI oil future went down by $0.31 and stopped at $93.65 a barrel. On London’s ICE, the cost of the Brent oil future for October got lower by $0.34, reaching $102.29 a barrel. 

On the Forex market, EUR/USD closed the week below a strong weekly support level, which can indicate a reversal of the uptrend on the larger scale.  Nevertheless, this week the pair may experience an upward correction to 1.3350.

Anna Gorenkova, NordFX Analyst

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