- The CAC 40 fell a bit during the trading session on Thursday as we have crashed into the 7,300 euro level only to turn around and bounce.
- That being said, the candlestick is negative, and I think that short-term pullbacks continue to attract a certain amount of attention in that area.
- But the question now is, can we find any upward momentum? At this point, the question is still an open one.
So far, the answer has been no, but given enough time, if we do rally, I think the 50-day EMA is hanging around the 7,500 euro level, which is an indicator that a lot of people will be paying close attention to. On the other hand, if we were to turn around and break down below the 7,300 euro level, then it's possible that we could drop down to the 7,100 euro level. This is an area that a lot of people will be looking for value at as well.
Top Forex Brokers
Sensitivity Continues to be a Problem
This is a market that continues to be very sensitive to other indices around the world, which of course had a rough day on Thursday. Maybe again, I would say just maybe we have the potential for short term buying opportunity if we can get any type of momentum to the upside. I think this is a market that is going to be very choppy and noisy more likely than not, most indices around the world will probably be holding their collective breaths until the jobs report comes out of America, which of course will be the biggest headline of the day. Either way, I think this is a market that is certainly trying to do everything it can to find support, but right now it seems like it's still a bit of an open question.
Ready to trade our daily forex forecast? Here are the best CFD stocks brokers to choose from.