Two trades to watch: EUR/USD, FTSE
Fiona Cincotta March 15, 2021 7:13 AM
EUR/USD heads towards 1.19 on higher yields and ahead of Biden's speech. FTSE's recovery stalls at 6800.
EUR/USD heads towards 1.1900
FTSE stalls at 6800
The FTSE is pointing to a mildly higher start ahead of this week’s central bank deluge.
Cautious optimism surrounding global economic recovery offering support to European shares across the board.
However, mixed activity data from China is raising concerns over an uneven recovery in the world’s second largest economy.
Where next for the FTSE ?
The FTSE trades above its ascending trendline from the start of the month. It also trades above its 20 & 50 sma on the 4 hour chart pointing to a bullish trend. The RSI is still in bearish territory although it is pointing sharply lower.
6800/10 is proving to be a tough nut to crack. The bulls failed to move beyond horizontal resistance at this level, a level which has capped gains several times across 2021 so far. A break above 6800/10 could open the door to 6910 the high 8 Jan before taking on resistance at 6960 the yearly high.
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