European Stocks Bounce On The Crucial Supports

Published 03/06/2018, 05:46 AM
GBP/JPY
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UK100
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DE40
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Stock traders fight bravely to keep the bullish sentiment alive. In Europe, defence is not happening in a random place. Both FTSE and DAX are protecting ultra important horizontal supports, 7100 and 11900 point respectively. FTSE did a good job but situation on the DAX looks slightly better from the technical point of view. In addition to the defence of the crucial support, we do have a bullish engulfing candlestick pattern here which only strengthens the buy signal.

Something from the Forex market - GBP/JPY. 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. Potential target is 700 pips lower!

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