Europe Open: No Monday Blues for Europeans

EUR/USD H1

Europe traders pushed EUR/USD back to 1.295 after early sell-off during Asian session. Current price is straddling along 11th – 12th Oct consolidation range between 1.292 – 1.296. Support is seen around 10th Oct highs and an upward trendline is forming linking 10th Oct low to Asian session lows.

GBP/USD H1

Rising Channel appeared to have broken down briefly during Asian Session. Price has moved up and is trying to breach back into the Channel. However there appears to be significant resistance from Channel Bottom and L3 confluence which is strengthened by the consolidation zone found on 11th Oct and 9th Oct Swing High. A break back into Channel will expose Channel op/ Last Friday’s High while L5 may provide some support for a break below L4.

DAX Futures M30

Early session rally push prices back to familiar trading range of the previous 2 trading days. Bulls appear to have hit resistance on Last Friday’s High, with a potential spinning top candlestick forming.

FTSE 100 Futures M30

Unlike DAX, the rally in FTSE 100 did not manage to push price back into the previous consolidation area. We are currently trading below the 11-12th Oct consolidation, and failure to break high could put back trading range between 5,770 – 5,800.

Brent Crude Oil H1

Price appears to be supported along Last Friday’s low and today’s L3. $114.80 remain in focus for any further upside while a break below $114.0 could increase downside momentum  towards $112.80

Bottomline:

Unlike the Asian Session which continued last week’s bear trend, Europe traders do not appear to suffer from any Monday Blues. Prices are recovering across different asset class despite no obvious fundamental change. Greece’s 10-year yield has fallen to the lowest since 2012, trading at 17.68%, hinting that Risk Appetite could be entering the market early this week.

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