Euro Stoxx50 Turns Positive – Focus on Draghi, U.S. Politics, Earnings & Data

European market opened lower on Wednesday as investors monitor fresh cooperate earnings as well as political developments in the U.S.

Euro Stoxx50 was 0.21% up at 3403.50 after a gap down opening. The FTSE 100 is seen down by 23 points at 7,110; the DAX 30 is seen off by 54 points at 12,141 and the CAC 40 is expected to start lower by 16 points at 5,213

Investors focus was on the comments from European Central Bank President Mario Draghi, who spoke at 8:00 a.m. London time, as well as further earnings reports of Adidas, Inditex, Prudential and Morrisons are expected to report Wednesday morning.

In other corporate news, Societe Generale is reportedly in talks to buy the Equities, Markets and Commodities division of Commerzbank, Reuters reported citing Handelsblatt.

In terms of data, there will be industrial production numbers and employment figures out in the eurozone at 10:00 a.m. London time.

On the technical charts EURO STOXX50 is trading positive after a gap down opening. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 35.48 and the MACD is ready to make a negative crossover below the signal line. The market is expected to trade positive for the day.

Trade suggestion:

Buy stop at 3310, Take profit at 3400, Stop loss at 3295

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