European share markets slid slightly lower on Tuesday as bullish market sentiment takes a break ahead of busy upcoming few days with a slew of new macro data. Investors unsurprisingly seized the occasion brought by this morning’s disappointing German industrial production data to cash in some of their profits, following a six-day winning streak on stocks. Many traders are now returning their focus to the upcoming data, with Wednesday’s EIA crude oil inventory report as well as the highly anticipated US weekly jobless claims release on Thursday, ahead of earnings season where volatility spikes are usually expected. The current consolidation is not really threatening the bullish trend and could be qualified as a “temporary break” before registering fresh highs.
The French CAC-40 Index is still trading well above 5,000pts following a sharp spike above 5,010pts in early trading. The technical configuration remains bullish as the price has not challenged any low support levels following the validation of the bullish triangle chart pattern. This is likely to send the market above 5,100pts towards 5,135-5,255pts with 5,400pts the final target on a short-term basis.
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.