During the day on Thursday, there isn’t much in the way of announcements, with perhaps the exception of the Unemployment Claims coming out of the United States and of course the Existing On Sales coming out of that very same country. With this being the case, we are watching the following 3 markets, as they will either be affected or insulated from these announcements.
German markets initially tried to rally during the course of the session on Wednesday, but turn right back around to form a little less impressive candle than we could have had. With this being the case, we could see a little bit of a pullback, but a break above the top of the range for the day on Wednesday could be a call buying opportunity.
EUR/GBP
The EUR/GBP market was fairly quiet during the course of the day on Wednesday, but if we can break above the top of the range for the session on Tuesday, we would be showing quite a bit of bullish pressure that point in time and should see the call buyers could very encouraged at this point in time. Pullbacks will more than likely find plenty of support near the 0.85 level.
Nikkei 225
The Japanese index rose rather rapidly during the day on Wednesday, breaking above the ¥16,750 level. However, we did pullback a little bit so this more than likely should show strength, but volatility as well. This market will more than likely attract call buyers fairly soon though after making this type of move.
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