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EURO STOXX50 Trading Sideways As Focus Turns To U.S. Jobs Data – Outlook Positive - Capital Street FX
EURO STOXX50 Trading Sideways As Focus Turns To U.S. Jobs Data – Outlook Positive
European shares opened slightly lower as investors held their nerve after the announcement of U.S. tariffs and the focus turned to the U.S. jobs report later on Friday.
It was upbeat jobs data last month that fanned speculation of faster rate rises in the United States, causing a rout in the bond market and hammering world equities.
The pan-European STOXX 50 was down 0.02 percent by 0815 GMT, with most sectors in the red except for defensive industries such as healthcare or utilities which made limited gains. There was caution over the apparent new entente between North Korean leader Kim Jong Un and U.S. President Donald Trump.
On the technical charts, EURO STOXX50 is trading sideways testing the 20 day moving average. The market is trading below the 20 day, 50 day, 100 day and the 200 day moving averages but above the 9 day moving average. The RSI is at 47.03 and the MACD is above the signal line.
Buy stop at 3416, Take profit at 3425, Stop loss at 3410