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EUROPEAN EQUITIES EDGE HIGHER AHEAD OF THE US OPENING BELL; THE USD CONTINUE TO LOSE MOMENTUM AS INVESTORS START TO LOOK AT THE US MIDTERM RESULTS.

Major European stocks are up in mid-session as they await the opening of Wall Street, which futures price upward. Currently, the Dax gains 0.21 % and the Eurostoxx 0.20 %. The Milan and Madrid stock exchanges are also positive, while the Paris stock exchange trades in a slight negative, giving up 0.07 %.

In a day (and week) that is poor in interesting macro data, markets seem to want to remain at the window, waiting to see what the results of the midterm elections in the United States will be. Forecasts from the latest polls see the Republican Party ahead, which could come to control Congress. President Biden’s Democratic policies would be almost completely blocked in that case.

Meanwhile, retail sales in Europe rose moderately this morning. Specifically, the annual figure was -0.6% against the previous one of -1.4 %, while the monthly figure confirmed analysts’ expectations of 0.4 %.

Elsewhere, problems at crypto exchange FTX are driving major cryptocurrencies down, with BTC and ETH losing 5.40% and 7.55%, respectively. On the commodities front, on the other hand, WTI oil is retreating slightly from recent highs, also aided by new spikes in covid cases in China, which could slow global demand for crude oil.

EURUSD, M15

The EURUSD is trading above the main intraday resistance area (the blue rectangle on the chart) and above the 0.9972 mark, which can e considered the last support level for today. In contrast, the most significant intraday resistance area is the LVN around the 1.0023 mark. From a technical point of view, as long as prices remain above the support, the most likely scenario is a continuation of the trend and a breakout of the LVN, which can lead to the upper LVN around the 1.0060 mark. On the opposite side, if prices break the support area downward, a drop to the W-2 VAL could happen.

Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 0.9990-0.9972, 0.9929.

Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 1.0023, 1.0060.

S&P500, M15

The S&P500 broke the resistance area yesterday, which was the W-2 VAL, and started its rise toward the W-2 POC. As for today, The most significant intraday support area is the W-2 VAL, while the main intraday resistance area is the W-2 POC. From a technical point of view, as long as prices remain above the support, the most likely scenario is a continuation of the rise toward the resistance. On the flip side, a breakout of the support could lead prices to the W-1 VAL.

Main intraday support areas where to look for long trades in case of a bullish candlestick pattern or short trades in case of a bearish candlestick pattern: 3791, 3750, 3729.

Main intraday resistances areas where to look for short trades in case of a bearish candlestick pattern or long trades in case of a bullish candlestick pattern: 3840.

Key:

POC= Point of Control

VAH= Value Area High

VAL= Value Area Low

LVN= Low Volume Node

HVN= High Volume Node

W-1= last week

W-2= two weeks ago

W-3= three weeks ago

D-1= yesterday

D-2= two days ago

D-3= three days ago

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