Europe Open: Bulls spotted once more during early session.

EUR/USD H1

Prices were relatively flat during Asian session which was teetering around Yesterday’s High. Once Europe opened, we see a surge in bulls similar to yesterday which push prices beyond Yesterday’s High and above 12 Oct’s high. Prices traded above 1.30 briefly but has since been knocked back to between H3-H4 levels.

GBP/USD H1

Ditto for Cable which saw price surpassing above Yesterday’s and Last Friday’s High. Prices appear to be supported by Channel Bottom which is the confluence with consolidation during Late US Early Asian session.

DAX Futures M30

Gapped higher with H3 acting as resistance. Prices has now breached back below Yesterday’s high which exposes L3 as a potential target for bears. Failure to keep above Yesterday’s High is a concern and will weigh on price today.

FTSE 100 Futures M30

Bulls unable to push higher than the previous week high of around 5,840. Prices still trading above 5,820 which is the ceiling for most of Last Friday and Monday.

Brent Crude Oil H1

Looking similar to FTSE 100 with recent peak not able to surpass the peak of 11th Oct. L3 may provide support while H3/11th Oct highs may act as strong resistance against any move higher.

Bottomline:

Europe traders still appear to be more bullish than Asian with surges in prices seen Today and Yesterday during Europe open. How long can this behavior last? 

 

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