7640 support today | ECB QE | Bulls need to break 7705 | Trading analysis alerts signals

7640 support today | ECB QE | Bulls need to break 7705 | Trading analysis alerts signals

14th June 2018

Federal Reserve officials raised interest rates for the second time this year and upgraded their forecast to four increases in 2018, as the unemployment rate falls and inflation rises. The minutes showed that eight Fed policymakers expected four or more quarter-point rate increases for the full year, compared with seven officials during the forecast round in March. Expect ECB President Mario Draghi to announce an end to the institution’s asset-purchase program today as the immediate risks surrounding Italian politics subside.



FTSE 100 Trading Signals, Forecast and Prediction

The Fed helped the bears yesterday as the US declined after the rate news, and brought the FTSE back below 7700. For today I am looking at the bottom of that range to be tested at the 7640 area, and as long as 7638 holds we may well see a bounce here. Should it break then we are looking at a decline towards 7600 and the S3 level (7597 for today).

For the bulls, they will need to break above 7706 this morning where we have the daily pivot.

Bloomberg’s Asia Report here

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