Friday saw most European benchmarks consolidate following a solid three-day rally. The market sentiment remains alive today, thanks to the global support measures taken in almost every region. However, investors around the world may be tempted to take some profits before the weekend. The spread of the virus doesn’t seem to be slowing down and has even accelerated strongly in the US during the last few days. The nation recently overtook China in terms of number of cases, following a surge in New York and the situation is likely to continue to weigh on investors’ risk appetite the longer no peak or curve inversion appears in sight in critical zones such as the US or western Europe.
Today’s trading is expected to remain volatile but lacking a clear direction. No major data release is due today and many traders are already looking ahead to next week’s developments on Europe’s strategy to contain the impact of the virus after leaders failed to reach a concrete plan yesterday. The Stoxx-600 Index is trading slightly lower with the price weighed down by the banking and mining sectors. The FTSE-MIB Index from Milan as well as the German DAX-30 are among the most resilient markets today with prices still consolidating inside a tight trading range. The DAX-30 Index is still trading above 9,745pts but recently failed to clear the 10,050pts zone. A fall through the lower band of the bullish channel may lead prices down towards the lower support levels at 9,440pts and 9,300pts.
While a student, Pierre Veyret had a passion for the financial markets. At the time, he studied International Trade through the setting up of import / export operations and it was the techniques of hedging against exchange rate risks that helped him to make the link with the financial markets, and all especially that of Forex. It is therefore with the aim of anticipating the price of currencies several months in advance that Pierre quickly turned to different methods of analysis by drawing inspiration and surrounding himself with experts in the field. Shortly after, Pierre decided to specialize in Technical Analysis, a discipline he had the opportunity to practice with real market professionals, thanks to AFATE / IFTA, an association of which he has been an active member for several years. Pierre Veyret is passionate about the field of the financial industry with a particular interest in the various techniques of stock market forecasting. Currently, Pierre is based in the City of London where he works as Chief Analyst. He performs regular interventions on a multitude of asset classes through various media (television, internet and print media).
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© 2019 High Leverage FX - All Rights Reserved.