For the bulls, important resistance points exist at 1120.00 which is the 38.2 Fibonacci retracement level of the last downward move, that coincides with the March 5th Low. Resistance also seen at 1180.00 at the 61.8% Fibonacci retracement level that coincides with the MA50 and MA100 position, and finally at the 1279.18 last top of 10th of May 2021.
For the bears, support levels exist at 1055 level where the price bottomed on January 28th , also at 1019.00 latest June 21st low, and also at 927.00 level that is formed from the bottom of 21st of December 2020 .
There will be some movement on the EU Economic Calendar today with stats from the Eurozone and the UK. German Gfk consumer confidence leads the way, followed by EU M3 Money Supply , EU Private Loans, UK CBI realized sales and UK BOE Quarterly bulletin in focus.
• European stocks closed higher on Thursday as investors reacted to the latest decision from the Bank of England, and monitored various data releases.
The pan-European Stoxx 600 ended the session up by 0.9%, with travel and leisure shares climbing 1.8% to lead gains.
• German business confidence hit its highest level since the end of 2018 in June. as the gradual relaxation of pandemic restrictions supported both current activity and expectations for the future.
Ifo, the Munich-based think-tank, said its closely-watched business climate index rose to 104.0, from 102.9 in May. Analysts had expected a more modest increase to 103.6.
• The Bank of England said inflation would surpass 3% as Britain's locked-down economy reopens, but the climb further above its 2% target would only be "temporary" and most policymakers favoured keeping stimulus at full throttle.
Sterling fell as the BoE's nine monetary policymakers voted 8-1 again to keep their government bond-buying programme at 875 billion pounds ((€1.02 trillion).
• British consumer sentiment held at its highest level since the start of the coronavirus pandemic this month, though households were less cheery about the economic outlook, a monthly survey from market research GfK showed on Friday.
GfK's consumer confidence index remained at -9 in June, unchanged from May and its highest since early March 2020. Economists polled by Reuters had forecast a small rise to -7.
Important Daily Events:
• At 06:00 (GMT) EU German Gfk Consumer Climate is due. This is a survey of about 2,000 consumers which asks respondents to rate the relative level of past and future economic conditions, including personal financial situation, climate for major purchases, and overall economic situation.
• At 08:00 (GMT) EU M3 Money Supply y/y is coming up. This report measures the change in the total quantity of domestic currency in circulation and deposited in banks.
• At 10:00 (GMT) UK Confederation of British Industry (CBI) Realized Sales is expected. This is a survey of about 125 retail and wholesale companies which asks respondents to rate the relative level of current sales volume.
• At 11:00 (GMT) UK Bank of England (BOE) Quarterly Bulletin is also expected. This release includes commentary on market developments and monetary policy operations, along with reports on a range of domestic and international economic issues, market research, and market analysis.
European indices Yesterday:
• DAX: +0.86%
• EUROSTOXX 50: +1.14%
• FTSEMIB: +1.38%
• CAC40: +1.22%
Sources: Investing.com, forexfactory.com