European shares traded lower on Monday alongside US futures, on higher market volatility after last Friday’s quadruple witching trading session. Moreover, lingering uncertainties about the speed with which economies will reopen weigh on today’s market sentiment, especially after record infection numbers have been registered in some US states like Florida and Arizona. Utilities, industrial and energy shares are leading declines everywhere this morning. This cautious trading spirit may change through the day as investors were happy to see China’s willingness to comply with the Phase One deal negotiated with the US a year ago. Beijing’s confirmation that it has boosted purchases of US farm goods is likely to ease lingering concerns about the two bloc’s relationship and lift market sentiment on the short to mid-term outlook. Today’s market calendar is not particularly busy, but traders are likely to pay attention to speeches from ECB President Christine Lagarde as well as the Governor of Bank of England due in the early afternoon.
The Stoxx-50 Index trades slightly above the lower band of a flag pattern on a very short-term basis. This pattern usually indicates a market break before the trend resurgence but the DMI is showing the selling pressure increasing, which may point to a deeper market correction.
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).
© 2019 High Leverage FX - All Rights Reserved.
© 2019 High Leverage FX - All Rights Reserved.