Sample Category Title

In May, France PMI manufacturing rose to 50.6, up from 50.0, and beat expectation of 50.0. That's also a 3-month high. PMI services rose to 51.7, up from 50.0, beat expectation of 50.8. it's a 6-month high. PMI composite rose to 51.3, up from 50.1, a 6-month high.

Commenting on the Flash PMI data, Eliot Kerr, Economist at IHS Markit said:

"The latest PMI results pointed to an improved performance by the French private sector. Although growth remained subdued compared to 2017 and 2018, the fastest rise in business activity for six months comes as welcome news, following a period of weakness since disruptions began last November.

"Moreover, a further recovery in new orders and business expectations point to a sustained rise in activity. Such growth would help to drive improving labour market conditions, and further build upon the recently achieved 10-year low for unemployment."

Full release here.

Pivot (invalidation): 6.0870

Our preference Long positions above 6.0870 with targets at 6.1420 & 6.1650 in extension.

Alternative scenario Below 6.0870 look for further downside with 6.0650 & 6.0420 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 0.6885

Our preference Short positions below 0.6885 with targets at 0.6865 & 0.6850 in extension.

Alternative scenario Above 0.6885 look for further upside with 0.6895 & 0.6910 as targets.

Comment A break below 0.6865 would trigger a drop towards 0.6850.

Pivot (invalidation): 1.3410

Our preference Long positions above 1.3410 with targets at 1.3470 & 1.3495 in extension.

Alternative scenario Below 1.3410 look for further downside with 1.3390 & 1.3370 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 1.0075

Our preference Long positions above 1.0075 with targets at 1.0100 & 1.0120 in extension.

Alternative scenario Below 1.0075 look for further downside with 1.0060 & 1.0045 as targets.

Comment Intraday technical indicators are mixed and call for caution.

Pivot (invalidation): 2868.50

Our preference Short positions below 2868.50 with targets at 2851.50 & 2840.00 in extension.

Alternative scenario Above 2868.50 look for further upside with 2876.50 & 2890.00 as targets.

Comment The RSI is mixed and calls for caution.

Pivot (invalidation): 12070.00

Our preference Long positions above 12070.00 with targets at 12245.00 & 12310.00 in extension.

Alternative scenario Below 12070.00 look for further downside with 11990.00 & 11860.00 as targets.

Comment The RSI has just landed on its neutrality area at 50% and is turning up.

Pivot (invalidation): 61.70

Our preference Short positions below 61.70 with targets at 60.80 & 60.15 in extension.

Alternative scenario Above 61.70 look for further upside with 62.05 & 62.75 as targets.

Comment The RSI advocates for further decline.

Pivot (invalidation): 14.3700

Our preference Long positions above 14.3700 with targets at 14.5000 & 14.5600 in extension.

Alternative scenario Below 14.3700 look for further downside with 14.3300 & 14.2800 as targets.

Comment A support base at 14.3700 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 1272.00

Our preference Long positions above 1272.00 with targets at 1277.50 & 1279.50 in extension.

Alternative scenario Below 1272.00 look for further downside with 1269.50 & 1267.50 as targets.

Comment The RSI lacks downward momentum.