Our First Trading Signal On CAC – The European Index - Forex News by FX Leaders

Our First Trading Signal On CAC – The European Index

Posted Thursday, July 6, 2017 by
Arslan Butt • 1 min read

As promised, we have increased our portfolio and began sharing forex trading signals on the U.S and European Indices. Starting from this month, we have successfully started sharing forex trading signals on S&P500 and so far the signals are doing great!

Since then we started working on European indices and now decided to share our very first trading signal on CAC40. Exciting, right?

The CAC40 is a benchmark French stock market index, which represents a capitalization-weighted measure of the 40 most significant values among the 100 highest market caps on the Euronext Paris.

Forex Trading Signal – Idea

Earlier, at the London open, we shared a forex trading signal to enter a sell position at $5166 with a take profit of $5149. Yes, it's already closed at take profit. Now, we should wait for ECB Monetary Policy Meeting Accounts which are due to release in 30 Mins at 11:30 (GMT).

CAC Hourly Chart - Triple Bottom
CAC Hourly Chart – Triple Bottom 

Technical Outlook – Intraday

At the moment, the CAC is testing a solid double bottom support of $5125. The breakage can open more room for selling until $5053. Whereas, the resistance prevails at $5192.

On the 4 hour chart, the 20 & 50 periods moving averages are signaling a bearish trend. Besides, both of our momentum indicators, the RSI and Stochastic are in the bearish region. Refer to one of our interesting articles to gain more insights about trading moving averages

Honestly, I won't prefer to enter the market until U.S sessions but really excited to see ADP Non-Farm Employment Change & Unemployment rate from the United States. Keep following us as we may share forex signals in the U.S session.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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