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Europe Defends Supports

Stock traders fight bravely to keep the bullish sentiment alive. In Europe, a defense is not happening in a random place. Both FTSE and DAX are protecting ultra important horizontal supports, 7100 and 11900 points respectively. FTSE did a good job but the situation on the DAX looks slightly better from the technical point of view. In addition to the defense of the crucial support, we do have a bullish engulfing candlestick pattern here which only strengthens the buy signal.

Something from the Forex market - GBPJPY . The pair is moving very technical and on a daily chart, we do have a nice sell signal. First, we broke the lower line of the wedge and the horizontal support and now, we are using this support as a resistance. What is important, is that we are seeing a bearish reaction here, which increases bearish hopes for a bigger drop. The potential target is 700 pips lower!

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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