Are the Euro bulls set for a run?

[Djamel Brahimi]

[Guest Sam Bouman]

Already today we have seen the euro make some gains, after seeing it fall since around the 21st of March it seems like it may have bottomed out and we could start to see some strength come in. 

One of the reasons I am expecting a rise in the Euro is due to the latest retail sales data which rose by 0.4%, which is quite a big rise from the previous -0.9%, alongside that the Market PIM Composite came in at 51.6 which was at expectations.

If we look at the technical side we can see that it has failed to break a previous support zone at the 1.1191 area and we got a bullish engulfing candle also on the daily chart. We can also see a break of the 23.6% fibonacci level on the 4 hour chart which normally indicates a move into at least the 38.2% level. 

I am expecting a move to at least the 1.13 level initially before potentially a push higher past the 1.1350 area.