European markets have opened Friday's session on a bid note following Asian track as recent concerns about global economy faded on the back of buoyant Chinese data, which has supported the Euro and weighed on Yen.Eurostoxx 50 Index advances 0.8%, while German DAX Index adds 1.0% and French CAC Index rises 0.7%. In the UK, the FTSE Index trades 1.24% up in the first hours of trading.
Stock markets around the globe are going higher on Friday after three days of declines although yet trading in low volumes as market's direction does not show a clear trend, with investors focusing on U.S. retail sales data due ar 13:30 the wold's main economy.
Euro and Pound inch higher
EUR/USD has advanced almost 50 pips on early European session breaking above Asian session's range top and reaching 1.4765 session high, although the Euro remains struggling against 1.4760 resistance area (Dec 10 high).
GBPUSD has bounced at 1.6275 at European session opening, and the Pound advanced to 1.6340 session high, with next resistance levels at 1.635 and 1.6375 on sight.
USD/JPY remains hovering right below 89.00 after Dollar rally seen in Asian session, which extended recovery from 87.35 low on Wednesday to 88.95 session high, under bullish pressure at the moment of writing.
The Euro has advanced about 40 pips on early European session breaking above Asian session flat range to reach 1.4760 resistance area (Dec 10 high), which is being tested at the moment.
According to Carol Harmer, technical analyst at Charmer Charts.com, sellers mict push the Euro lower from current levels: "1.4755/60 offers good protection for sellers, and buyers will cover any longs prior this resistance. Buyers will only come back into the market at these higher levels if it can break above 1.4785."
On the downside, key support lies at 1.4670, says Harmer: "As stated downside support exists at 1.4670. If this support breaks sellers will be on the back of this and drive buyers aside looking for further weakness with 1.4631/25 then targeted."
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