Our First Trading Signal On CAC – The European Index
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
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.