FxWirePro
Long

CAC-40 jumps to 12-week high, bias higher

FX:FRA40   CAC 40 Index
European bank stocks cheered the prospect of higher Fed interest rates which should help their profits thereby pulling general indices higher.
Frances CAC-40 index jumped to a 12-week high of 5294, bias higher.
Better-than-expected economic data which included flash Euro-zone PMI prints for September also lent support.
Technical studies support further gains. We see bullish divergence .
The index has shown channel breakout and has breached 100-DMA resistance.
Price action now hovering around 61.8% Fibos at 5293, next bull target 5323 ahead of 5339 and then 5374.

Go long on break above 5293, SL: 5259, TP: 5323/ 5339/ 5374
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