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FTSE 100 falls back into trendline support
The FTSE 100 has dropped into trendline support overnight, following a hawkish meeting from the Federal Open Market Committee (FOMC). Today sees the emphasis shift onto the European Central Bank (ECB), where we could see a similarly hawkish shift towards ending quantitative easing (QE).
For now, the FTSE 100 remains within a trend of higher lows and flatlining highs. As such, a bullish outlook is in play following the fall into a deep retracement. The current candle is highlighting the respect of that trendline which dates back to November 2016. A bullish view is in play for a move back into the 7761-7772 region. A break below 7638 would negate this.