The ECB is now near the end of its easing cycle, while the BoE might still have quite some room to the downside if we continue to get weak UK data. In fact, this week alone, we saw two big pushes to the upside following the weak UK labour market report and the disappointing UK GDP data today.
Moreover, the EU is now embracing AI which is going to boost investment and total factor productivity. All in all, Europe looks like a good place where to invest in the next few years.
On the weekly chart, we can see that that the price broke above a two-year-long downward trendline in April. This could be a signal of a change in trend. The price then pulled back to retest the trendline and continued higher. Technically, a move into the 0.89 handle at very least has high probabilities.
Finally on the 1 hour chart, we can see that we have a minor upward trendline defining the bullish momentum on this timeframe. From a risk management perspective, the buyers will have a better risk to reward setup around the trendline to position for further upside, while the sellers will look for a break lower to target a deeper pullback into the 0.8450 support zone next.
This article was written by Giuseppe Dellamotta at www.forexlive.com. Read More Details
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