European stocks had a mixed opening on Thursday ahead of a busy day of releases, including the latest US unemployment figures as well as a new batch of corporate results. Investors welcomed encouraging data on the virus front, especially New York City reporting its lowest death toll since early April while the number of cases is also trending lower on the old continent.
However, investors around the world are still struggling to assess the pandemic’s damage to corporate profitability and this keeps on weighing on traders’ risk appetite, making it unlikely that any new highs will be achieved before the end of the month. Today’s earnings are more focused on Europe with big French and German names like Bouygues, Renault, Vinci and Schneider Electric reporting results.
Photo by Ondrej Trnak.
The CAC-40 Index is one of the eurozone’s best performers today as with the price still trading above 4,400pts. However, the technical configuration provides cause for concern as the market recently broke out of its short-term bullish trend line with this change in sentiment also backed up by the RSI indicators. A fall below 4,330pts would pave the way to bearish moves towards 4,190pts, then 4,100pts and 3,990pts 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.