European shares drifted lower on Thursday, following Asian markets and US futures amid global risk aversion sentiment boosted by mounting virus concerns. Stock investors remain stuck in uncertain times, with various market drivers to be considered before making their investment decisions, leading to the current lack of directionality. Whilst the next US stimulus move is already highly anticipated by most traders, most are keeping a cautious eye towards macro data as well as corporate news in order to get more clues on the impact of the pandemic. Today’s trading sessions will be marked by major US data, with initial jobless claims and existing home sales data for September due later today, as well as earning reports from large US groups like Coca Cola, AT&T and Intel.
In Europe, stock investors expect more volatility on the CAC-40 index as a batch of results from French-listed companies like Dassault Systemes, Hermes, L’Oreal, Kering, Thales and Michelin are awaited during and after the trading session. The market went to test its major support zone around 4793 pts shortly after the opening bell and has successfully rebounded since then. Prices will have to clear the 4,800-pts level in order to unlock the bullish potential towards 4,830 pts on the very short-term. A breakout of the 4,772 pts/4,804 pts zone could quickly drive prices deeper towards 4,745 pts and 4,665 pts by extension.
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.