European benchmarks are trading higher today despite a mixed session in Asia, where traders took note of gloomy financial earnings from South Korea. Investor sentiment towards stocks seems to be much more solid in Europe ahead of today’s highly anticipated ECB meeting. Many expect a strongly dovish tone from Mario Draghi today as poor European data may induce the European Central Bank to proceed with further stimulus to support the economy of the Eurozone. Some investors even see a chance of a rate cut today even though the ECB remains very unlikely to make a move before September.
As usual, the press conference following the decision on rates will boost market volatility in the afternoon while the single currency is already under pressure this morning. The Stoxx-600 index is trading significantly higher after a breakaway gap registered at the open, thanks to Carmakers and Tech shares. One of the best performances is that of the French CAC-40 in Paris where the market is moving towards 5,640.0pts, outside of its consolidation zone built in July. A strong support level has been identified above 5,630.0pts while the next major resistance is now located towards 5,655.0pts and 5,695.0pts 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.