September 29th: Very little economic announcements to move the market During the session on Tuesday, there’s very little to move the markets as far as economics are concerned at the moment. After all, the CB Consumer Confidence numbers would be one of the largest ones, and that isn’t exactly a major mover.
EUR/USD continues to consolidate
The market for the EUR/USD pair continues to be very tight, with the 1.11 level below offered support, and the 1.13 level above offering significant resistance. We believe that the market continues to consolidating go back and forth between these 2 levels, offering short-term range bound trading opportunities. We are buyers of puts closer to the 1.13 handle, and buyers of calls closer to the 1.11 handle. However, we will probably have to do these trades off of short-term charts
CAC looks soft
The Parisian index looks very soft at the moment, but the €4300 level below should still be rather supportive. It is because of this that we are actually waiting to see some type of supportive candle in order to start going long. Ultimately, we believe that the market could bounce back towards the €4500 level given enough momentum. If we break down below the €4300 level, we feel the market will then reach towards the €4200 level, offering a put buying opportunity.
WTI Crude Oil offering support
The WTI Crude Oil market continues to see quite a bit of support at the $44 level, so we are buyers of calls in that general vicinity. Is not until we break down below the $43 level that we could be buyers of puts. In the meantime, we think short-term call buying opportunities will continue to exist in the general area of $44.
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