Risks predominantly due to global factors and reform pace.
- Survey results signal solid, broad based growth
- Stimulus pass through supports domestic demand
- Favorable financing conditions help investlment
- Rising employment bolsters private consumption
He encourages more structural reforms to keep the economy going.
Technically, the pair did not go below the 50% retracement level at 1.1476 and stayed above the 1.1435-65 area as well. In addition, the move back above the 1.1500 level and the 100 hour MA helped technically.
The pair is trading to new session highs (and above the old trend line at 1.1547). The high price from yesterday reached 1.15826. We are currently trading up at 1.1560 area. The high price from 2016 reached 1.16156. The 2015 high price comes in at 1.17115.
Before July there were only 6 trading days where the price closed above the 1.1435-65 level going back to Feb 2015. We are trading the 5th day in a row above the level (see red circles in the chart below), and trying to move away.
