European shares opened without clear direction on Friday as market sentiment remains mixed for the end of the week. Despite a strong optimistic tone registered in June, investors’ risk appetite is now tempered by a renewed momentum in daily virus cases in many areas, as well as rising trade tensions between Washington and the EU. While traders do not expect any significant macro data today, volatile, and sharp price action may still take place in the afternoon as investors could be tempted to reduce their exposure to riskier assets ahead of the weekend.
The technical configuration in Europe is not too worrying but does not encourage traders to go long on the short- to mid-term view. The Stoxx-50 index is trading in the middle of its bullish channel, slowly flirting with the 3,250pts zone. The presence of multiple doji candles in this zone combined with an RS Indicator showing a trend break-out slightly above the 50% zone, means the market loses momentum and remains hesitant to register higher levels, increasing the likelihood of a 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).
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© 2019 High Leverage FX - All Rights Reserved.