European shares held on to yesterday’s gains after sources close to the trade talks confirmed Washington and Beijing were moving closer to a deal. This sudden change in the tone of the negotiations has shifted market sentiment towards riskier assets, like shares, as it weakens the threat of higher tariffs. The likelihood of a trade deal is now back on track and a “Christmas rally” may finally take place despite recent tensions over Hong Kong and Xinjiang.
Most European benchmarks have enough room for an extended bullish run before the end of the year, although they will have to clear major technical resistance to register higher tops. The DAX-30 Index is trading just below its first available resistance at 13,160pts, which is the top of its 55-period exponential moving average. A clearing of this zone could lead prices back to 13,300pts, around the 23.6% Fibonacci 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.