May 11th, European session

In trading in Europe, most major currencies are trading in positive territory. The single currency rose in price by 0.33% to 1.2168. German statistics contributed to the rise in quotations. The index of economic sentiment in Germany in May jumped to 84.4 from the previous 70.7 (the forecast was 72.0). The index of the current situation in May was minus 40.1 against the forecast of -41.3 and the previous value of -48.8.

Growth has been modest as the pound holds its ground after Monday's gains. Sellers are not letting the EUR / GBP cross recover yesterday's losses. The cross needs to break through to the 0.8635 level, then the EUR / USD pair will successfully pass the 1.2175 resistance.

The hourly TF for the euro has two target levels: 1.2200 and 1.2235. Buyers' activity is low due to the fall of futures on American indices (losing more than 1%), as well as the growth of the yield on 10-year US government bonds.

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