Euro rises after the German data

The Euro gains a strong bullish momentum versus its major counterparts after the German data showed that its economic growth was higher than the United States’ during the third quarter. The data supports a possible monetary policy change by the European Central Bank and that is why the Euro rises. On the daily chart of the EUR/JPY we can see a strong bullish momentum that took the pair above the 133.00 level and reaches a high at the 133.82. The 134.00 level could act as a resistance along with the highs at the 134.47 level, but in order for the pair to go back to its bullish trend in the long term, the price must break above the 134.47 level. Regardless of the strong rally, the EUR/JPY may try to pull back, in case of a bearish retracement, the pair may find some support at the 133.00 level. Below the 133.00 level we can see some interesting supports at the 132.00 level where we can find the 55 day EMA followed by the low of the range at the 131.37 level.