Share markets opened lower everywhere in Europe on Thursday as uncertainty remains the overriding sentiment and has pushed investors into taking any profits generated by this week’s recovery attempt. The fact remains that investors from around the world have welcomed the recent historical batch of monetary and fiscal responses to coronavirus and these measures have helped traders gain a clearer view and more certainty about the future of the global economy. However, most investors now fear the human and economic struggle against the deadly virus will continue further into Q2, Q3 and even possibly Q4, which would deepen the impact across all economies and drive some regions into a profound recession cycle.
So far, markets in Europe are being driven lower by the mining, energy and the discretionary consumer sectors with companies like Linde and LVMH among the eurozone’s worst performers. Surprisingly, the FTSE-MIB is one of the most resilient indices so far in Europe with the market still trading above 16,560pts following a clearing of its bearish trendline yesterday while the RSI indicator, which is above its 50% zone, is showing a very short-term bullish pressure. 18,260pts remains the first target for the market while a fall below 16,560pts would open the way to new lows around 15,800pts and then 13,780pts.
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.