FR40 Analysis: Weak French data bearish for FR40

May 15, 2020

By IFCMarkets

Weak French data bearish for FR40

French economic data in the last couple of weeks were mixed. Contractions in retail sales and private sector business activity were deeper than expected, as was the decline in construction. Retail sales dropped 16% over year in March after 1.2% increase in previous month. The private sector activities contraction speeded up: the final reading of Markit’s composite PMI was revised lower to 11.1 in April after 28.9 reading for previous month. Readings below 50 indicate contraction. However, outflow of payments in current account slowed marginally: the current account deficit narrowed from 3.4 billion euro in February to 3.3 billion in March. And unemployment declined slightly: unemployment rate declined to 7.8% in Q1 from 8.1% in previous quarter. Deteriorating economic data are bearish for FR40.

Indicator VALUE Signal
RSI Neutral
MACD Sell
Donchian Channel Sell
MA(50) Sell
Fractals Sell
Parabolic SAR Sell

 

Summary of technical analysis

Order Sell
Buy stop Below 4288.45
Stop loss Above 4714.74

Market Analysis provided by IFCMarkets


Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.




Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter