For the bulls, important resistance levels exist at €316.80 all-time highs from the 16th of January 2020, and also at $338.00 where the 161.8% Fibonacci extension target is now.
For the bears, important support levels exist at the $305.00 upper band level of the trading range, also at $284.00 where the MA50 and MA100 stand now, and finally at $253.00 lower band level of the trading range.
There will be limited activity on the EU Economic Calendar today with stats from the Eurozone and comments from the BOE in the UK.
• Major stock indexes in Europe finished trading on Friday without a clear direction with concerns regarding the rising inflation, as well as potential tapering of monetary stimulus remaining in focus.
The FTSE 100 increased 0.37% at the end of the session. The DAX was 0.12% in the green as Adidas AG jumped 6.44%. The CAC 40 slid 0.12% with Airbus SE losing 1.61%.
• Rising infection rates and the need to tighten the lockdown restrictions are weighing on the consumer climate in Germany. While the propensity to buy again increased moderately, economic and income expectations decreased significantly. As a result, GfK is forecasting a decrease of 8.8 points in consumer confidence for May 2021, down 2.7 points from April this year.
• British retailers reported a jump in sales in June as the country's fast vaccination programme encouraged shoppers to go out and spend, the Confederation of British Industry said on Friday.
The CBI's measure of the volume of sales rose to +25 from May's +18, the highest since August 2018, while sales were reported as above seasonal norms - which excludes the effect of last year's lockdown - were the highest in over four years.
• Annual growth rate of broad monetary aggregate M3 decreased to 8.4% in May 2021 from 9.2% in April. Annual growth rate of narrower monetary aggregate M1, comprising currency in circulation and overnight deposits, decreased to 11.6% in May from 12.3% in April.
• Annual growth rate of adjusted loans to households stood at 3.9% in May, compared with 3.8% in April. Annual growth rate of adjusted loans to non-financial corporations decreased to 1.9% in May from 3.2% in April.
Important Daily Events:
• At 06:00 (GMT) EU German Import Prices are due. This indicator measures the change in the price of imported goods purchased domestically.
• At 12:00 (GMT) EU Deutsche Bundesbank President Jens Weidmann is due to deliver a speech titled "Economy and monetary policy on the way out of crisis mode?" at the Frankfurt Euro Finance Summit 2021.
• At 12:00 (GMT) UK BOE Chief Economist Andy Haldane is due to deliver a speech titled "Making a success of leveling up" at the Policy Exchange .
European indices Friday:
• DAX: +0.12%
• EUROSTOXX 50: -0.04%
• FTSEMIB: +0.35%
• CAC40: -0.13%
Sources: Investing.com, forexfactory.com, ecb.europa.eu, breakingthenews.net