European Stocks Rise, Mirroring Asian Markets

• EUR/USD- the pair in a sideways pattern on a 30 minute time frame as predicted. The tug of war is between the bulls and bears, and the bias could be to the downside for theshort term.
• USD/JPY- the price still trading well below its downward trend line on a 30 minute time frame. The bias could be to the downside.
• GBP/USD- the pair has formed reverse Head and Shoulders pattern a 30 minute time frame. The RSI shows that the bias could be to the downside.

Indicators

Indices

• Asian Markets started the week with some strong gains. The Nikkei index gained 2.73%, and was the best performing index during the Asian session.
• European stocks are also trading higher during the early hours of trading. The CAC 40 is best performing index, and is up by almost 0.71%.
• U.S. Indices closed with mild losses on Friday. The Dow was the worst performer, closing with a loss of 0.70%

• The free trade talks with the U.S. have been authorized by the EU countries
• The voting of a single Euro Area supervisor bank by the European parliament could be delayed until September
• Peter Necas, the Czech Prime Minister is expected to resign today due to a spying and bribery scandal.
• ECB’s Mersch confirmed today they do not have any decisive decision on using the negative rates yet.

• Never ever move your stop in a losing position; this is consequential to an emotional state of mind, and in trading there is no place for emotions.

• Gold is firmly below the $1400 level and the price action has finally broken towards the downside. The price action is trading above its upward trend line on a 30 minute time frame, and bias could be to the upside
• Oil- The black gold has approached its resistance level on a 4 hour time frame once again, and this is the third time the price is visiting this level. The bias could be to the downside.
• VIX- Volatility index increased by 0.74% on Friday.

Trend

DISCLOSURE & DISCLAIMER:

The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.

by Naeem Aslam