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FxWirePro: FTSE100 recovers sharply after ECB signals more stimulus, good to buy on dips

The FTSE100 shown a massive recovery of more than 80 points from intraday low of 7345 after ECB President Draghi dovish speech. The ECB is ready to cut rates and to start once again asset purchase program if inflation doesn't pick up. The global stock market especially Wall Street has jumped more than 0.80% from today's low after Draghi's fresh stimulus signal. It hits an intraday high of 7436 and is currently trading around 7434.

Technically the index was facing strong resistance around 7422 and after three days of consolidation, it has broken for the day. This confirms minor bullishness, and a jump till 7500/7530 likely.

On the flip side, near term support is at 7375-80 and any break below first support will drag the index till 7345 (200- 4H MA)/7317-20 (Jun 14th low/55-H EMA). Any further bearishness only below 7317.

It is good to buy on dips around 7390-7400 with SL around 7345 for the TP of 7500.

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July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 777840777840m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 777840777840m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 766020766020m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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