Despite a mixed trading session in Asia, EU share markets ticked higher on Monday as investors digested reassuring virus updates from Italy, France and the UK. Investors who were already betting on the recovery were pleased to see these three European countries registering their lowest death rates since March, ahead of lockdown easing in these areas. This boost to sentiment saw markets trade higher all over Europe at the opening bell, even though investors are likely to stay cautious in the days and weeks to come, with the fear of a second wave ever present. In addition, a lot of the bullish drivers are already priced into markets with some traders wondering if there is still room for an extended rally this week. As a result, traders may be tempted to take any profits ahead of a busy week with significant data due from China and the US as well as the anticipated OPEC monthly market report due on Wednesday. Uncertainty and volatility are likely to be on the rise this week and this could lead to a reduced exposure on riskier assets from investors.
The FTSE-MIB from Milan is today’s best performer with the market having already broken through its double resistance at 17,530pts (50% Fibonacci + Speedline) and is now trading near 17,450pts. However, the Bollinger bands are widening, indicating rising volatility, and the price is already near its upper band suggesting a pull-back towards 17,380-17,315pts at the very least.
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.