London
stocks ended in positive gain after recovery from heavy weights and
mining sector stocks. Economic data from across the globe came in
mixed on Wednesday compared with consensus expectations, but broadly
showed that service sectors across the world were growing at a solid
pace in February.
The
FTSE 100 index recovered from lower levels to finish the day up 0.44%
to 6919.24. If during the day market is breaching the support level
of 6860 on downside after consolidation, then it can test the level
of 6800 with the resistance of 6900.
Forex News:
EUR/USD
The
EURUSD fell during the session on yesterday, breaking below the 1.11
level. This suggests that the market is ready to go down to the
longer-term target that we have been talking about, the 1.10 level.
Because of this, we are sellers of rallies, and a break below the
bottom of the range from the session on yesterday. The European
Central Bank should continue to add liquidity to the markets, and as
a result we should continue to see weakness in the Euro. The US
dollar should continue to be favored, and as a result we are sellers
for longer-term.
GBP/USD
The
GBPUSD broke
down during the session on yesterday, testing the 1.5250 region. With
that, it appears that the market is going to continue going lower,
but we need to see the market if it breaks down below the 1.52 level
in order to start selling again. If we get that move, the market
would head down to the 1.50 level. Any rally at this point of time
should continue to offer selling opportunities, as we see a massive
resistance barrier at the 1.55 level above, extending all the way to
the 1.58 level.
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