With US markets closed yesterday, low trading volume across European indices left the Footsie trading marginally lower to end at 7219. Investors will continue to monitor ongoing US-China trade negotiations which have provided markets with hopes of a concluding trade deal. In today’s economic news, investors will watch for the release of UK employment data to impact market price action.
The FTSE index paused its streak of gains on Monday and declined by 0.2%. The RSI reading broke the support line as it exited the overbought region, however remains in positive territory leaving little chance for price to retreat below the support at 7070. Sustained price action above the 20-period MA should keep the index ranging higher before seeing a test of the resistance level at 7300.
Support: 7170/ 7060
Resistance: 7280/ 7370