Bearish trend line showing high level of resistance towards 0.786 Fib level, breaking trend and showing upwards momentum between 0.786 level to 0.618 level. Based upon Daily and 4 hourly 200 EMA, alot of upwards bullish momentum persisting in the market. Therefore, pending retest of the 0.786 Fib level its likely there will be strong bullish momentum to at least the 0.618 in the short term, accruing approximately 40 pips with minimal downside risk...Ceteris paribus.
Furhtermore, Euro zone economic statistics were favorable and indicate potential Eurp stregnth. Y/Y retail sales beating expectations and Retail sales being stronger than expected m/m.
Furhtermore, Euro zone economic statistics were favorable and indicate potential Eurp stregnth. Y/Y retail sales beating expectations and Retail sales being stronger than expected m/m.