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Can the bulls break the 8585 | 8535 8494 support | 8615 8645 resistance

#1 · 30th January 2025, 10:52 am

Technical analysis for FTSE 100 for 30th January 2025

The bulls are continuing their fight back after Monday's rout and the FTSE100 looks like it may well break above the 8585 resistance level today. Initially that opens up a test of the 8610 level which is the key fib and R2 level for today, and a possible test of the 8645 daily resistance area above that.

We have the ECB rate decision today (13:15), with a 0.25% cut forecasted. At 13:30 we also have US GDP so we may well see some volatility then as well. Dovish comments by Chair Jerome Powell last night balanced the Fed's hawkish statement and left traders uncertain on the likely timing of the next cut. The ECB press conference at 13:45 may well be along similar lines.

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