Market: Eurex EURO STOXX 50 Index Futures, $FESX_F
Trading Levels: 2575/2550/2530
Target: 2575/2500
The future cheered to Obama victory but as we said in the Morning Meeting the day ahead could be highly volatile. The 30/35 range worked as a short term resistance in previous sessions. Due to our short bias, we were able to fade any attempt to break through.
Today we need to study market's reaction near the 2550 mark because a breakout could send the future to test the 2575 level which already in the past we have used as a “signal” line.
Whereas if the 50 mark is able to hold the buying pressure, the future could retest the old resistance, now support at 2530.
At this point is important to point our the role of the Eur/$.
Once 1.2820$ mark as been cleared out the pair rose pointing toward the 1.29$, the move was followed by a sharp rise in equity futures , therefore keep an eye on the common currency behaviour before loading your gun.
Originally posted at www.77sigmatrading.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
