European indexes broadly climbed to kick off the new trading week. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- European indexes broadly climbed to kick off the new trading week.
- Risk appetite is extending bids in echoes of last week’s bidding frenzy.
- FOMO-inflicted investors are piling into stocks ahead of data risks.
The pair currently trades last at 16654.63.
The previous day high was 16629.09 while the previous day low was 16496.46. The daily 38.2% Fib levels comes at 16547.12, expected to provide support. Similarly, the daily 61.8% fib level is at 16578.43, expected to provide support.
European equity indexes gained ground across the board on Monday, reaching for further gains as traders dogpile into indexes ahead of a mid-week plethora of European data events on the calendar, with euro area Purchasing Managers’ Indexes (PMI) and a rate call from the European Central Bank (ECB) on the offering.
European indexes wrapped up last week largely in the green despite a steep pullback a week ago, and EU equities are extending late last week’s risk appetite into further gains with US Treasury yields easing back. The 20-year US Treasury yield fell back below 4.4% once again on Monday, hitting a low of 4.366% and sending equity investors back into stocks.
This week sees a wave of European data slated for the mid-week hump, with euro area PMIs broadly forecast to show slight but determined upticks, and markets will be pivoting to focus on the ECB’s latest rate call on Thursday.
The ECB is all but guaranteed to continue holding rates until at least the summer months as premature market hopes of first-quarter rate cuts get dashed by still-high inflation figures and wobbly economic figures throughout the European continent.
ECB policymakers have been working overtime trying to talk down market expectations of fast and deep rate cuts from the ECB in 2024, spurring ECB President Christine Lagarde last week to warn that heavy-handed market bets on fast and soon rate cuts are muddling the outlook, making the ECB’s job harder and risking further damage to the European economy.
The pan-European STOXX600 major equity index climbed 3.62 points on Monday to close 0.77% higher at €472.86, while France’s CAC gained 0.56% to close at €7,413.25, up 41.61 points.
London’s FTSE index also gained 25.78 points, climbing 0.35% to end Monday at £7,487.71 to gain 35.87 points.
The Germam DAX also gained 0.77% gain on Monday, gaining 128.33 points to close at €16,683.36.
The German Dax equity index extended higher on Monday, climbing further out of recent declines. The German index fell peak-to-trough nearly 4% from December’s peak near €16,984.00, and bidders will be looking to wrestle back control of the DAX. The major index continue to find technical support from the 50-day Simple Moving Average (SMA) near €16,400.00, and long-term technical support is pricing in a floor just above €15,800.
Technical Levels: Supports and Resistances
EURUSD currently trading at 16654.63 at the time of writing. Pair opened at 16505.46 and is trading with a change of 0.9 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 16654.63 |
| 1 | Today Daily Change | 149.17 |
| 2 | Today Daily Change % | 0.90 |
| 3 | Today daily open | 16505.46 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 16620.63, 50 SMA 16365.77, 100 SMA @ 15839.96 and 200 SMA @ 15883.79.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 16620.63 |
| 1 | Daily SMA50 | 16365.77 |
| 2 | Daily SMA100 | 15839.96 |
| 3 | Daily SMA200 | 15883.79 |
The previous day high was 16629.09 while the previous day low was 16496.46. The daily 38.2% Fib levels comes at 16547.12, expected to provide support. Similarly, the daily 61.8% fib level is at 16578.43, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 16458.25, 16411.04, 16325.62
- Pivot resistance is noted at 16590.88, 16676.3, 16723.51
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 16629.09 |
| Previous Daily Low | 16496.46 |
| Previous Weekly High | 16730.15 |
| Previous Weekly Low | 16328.29 |
| Previous Monthly High | 16984.44 |
| Previous Monthly Low | 16229.16 |
| Daily Fibonacci 38.2% | 16547.12 |
| Daily Fibonacci 61.8% | 16578.43 |
| Daily Pivot Point S1 | 16458.25 |
| Daily Pivot Point S2 | 16411.04 |
| Daily Pivot Point S3 | 16325.62 |
| Daily Pivot Point R1 | 16590.88 |
| Daily Pivot Point R2 | 16676.30 |
| Daily Pivot Point R3 | 16723.51 |
[/s2If]
Nehcap Trading Strategies
The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.
The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group
