France 40 under pressure
European stocks slumped Monday, with France's CAC-40 leading declines with a 1.68% slide, following European Parliament elections on Sunday that showed a surge in support for far-right parties across the world's biggest economic bloc.
Share this:
Europe
European stocks slumped Monday, with France's CAC-40 leading declines with a 1.68% slide, following European Parliament elections on Sunday that showed a surge in support for far-right parties across the world's biggest economic bloc.
France 40 Technical Analysis
The chart shows a downtrend in the 1-hour timeframe with lower highs and lower lows.
The current price is around 7799.0.
Moving Average: The price is below the 50-period moving average (the blue line), indicating a bearish trend. -
Support and Resistance: - Current Support: 7790 (price is hovering around this level). - Next Significant Support: 7750. - Resistance: 8000 (a previous high and psychological level). -
Stochastic RSI: Currently in the oversold territory, suggesting a possible short-term reversal or consolidation. -
MACD: The MACD line is below the signal line, confirming the bearish sentiment.
The overall sentiment appears bearish in the France 40 CFD on the 1-hour timeframe. Key technical indicators and price action suggest that the market is currently weak, though the presence of oversold conditions in the Stochastic RSI could hint at a potential short-term reversal.
If price breaks below the 7790 support level, a move towards the Significant Support around the 7750 level is likely.
If the price continues to rise, then the 7900 level around the 50-period moving average will be a strong level of resistance.
Corporate
Apple closed down 1.9% after its WWDC event failed to ignite enthusiasm; Apple (AAPL) announced at the WWDC its Vision OS2 and expanded Apple Vision Pro to eight new countries, while it also announced Apple Tap to Pay and confirmed a deal with OpenAI to integrate ChatGPT for iPhones. iPads and Macs.Elon Musk also was adamant that should apple go with adding ChatGPT to its core UI, then he will require employees to leave their Iphones at the entrance and place them in a Faraday cage (cage that blocks transmission to online services).
NVIDIA – NVIDIA traded its first trading day yesterday after the 10 for 1 stock split, where one whole share can now be bought for $120 instead of $1200.
World
US President Biden is to lift the ban on allowing a controversial Ukrainian unit to use US weapons, according to The Washington Post.Commodities
Gold prices tumbled as a solid US non-farm payroll report and China slowing down its gold purchases.Earnings
Thursday: Adobe.Crypto
Blackrocks spot Bitcoin ETF surpassed 300,000 BTC in assets under management just five months after launching.Data
In the afternoon, the Fed will wrap up its meeting with a Jerome Powell press conference. The Fed is pretty much a lock to hold interest rates at their current level.Events
Wednesday 12 June:Chinese inflation rate YoY, UK GDP MoM, US core inflation rate YoY, US inflation rate YoY, US Fed interest rate decision.
Related tags:
Latest market news
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
EUR/USD Update: Will Fed Expectations Keep Pressure on the Euro?
The week continues to present challenges for the euro's short-term strength. This is reflected in the recent performance of EUR/USD, which has declined by nearly 0.6% over the last three trading sessions
DAX Climbs After Fed Move, Eyes Break Above 26,000 Resistance
The DAX has opened significantly higher following the Federal Reserve's delivery of its first interest rate hike since 2023. Although the Fed signaled further tightening, the market reaction was surprisingly positive, as much of the hawkish expectation had already been priced in. Attention now shifts to the 25,900–26,000 point range, which will likely determine whether the current recovery evolves into a new upward wave or remains merely a short-covering rally.
EUR/USD Forecast: Euro Extends Losses Ahead of Fed Rate Decision
The euro has started to face a more challenging period in the short term. The EUR/USD pair has already declined by nearly 0.81% over the last four trading sessions, a move that has begun to reinforce a meaningful bearish bias in favor of the U.S. dollar.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.