European stocks broadly climbed on Tuesday, recovering from recent downside. (Pivot Orderbook analysis)

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• European stocks broadly climbed on Tuesday, recovering from recent downside.
• German Factory Orders, pan-euro area YoY Retail Sales beat the street.
• Investors shrug off an accelerated decline in MoM Retail Sales.

The pair currently trades last at 17005.47.

The previous day high was 16952.41 while the previous day low was 16840.8. The daily 38.2% Fib levels comes at 16883.44, expected to provide support. Similarly, the daily 61.8% fib level is at 16909.77, expected to provide support.

European indexes rebounded on Tuesday, bolstered by market participants focusing on green prints in European economic figures and shrugging off a steeper near-term decline in European Retail Sales in December.

German Factory Orders climbed an unexpected 8.9% in December, well above the forecast flat hold at 0.0% after November saw a downside revision from 0.3%. Pan-euro area annualized Retail Sales also fell less than expected, contracting by -0.8% versus the forecast -0.9%. The previous period also saw a healthy upside revision from -1.1% to -0.4%.

Investors caught a rise in bids after better-than-expected earnings from energy sector stocks, and renewed discussions of support for equities from Chinese authorities helped to further bolster equities exposed to trade with China.

The pan-European STOXX600-major equity index climbed over 3 points, gaining 0.63% on Tuesday and ending at €486.76. London’s FTSE index gained 0.9% on the day, ending up 68 points at £7,681.00.

France’s CAC40 also climbed 49 points to edge up 0.65%, closing at €7,638.97 while Germany’s DAX index finished at a record €17,033.24 after climbing nearly 130 points to gain 0.76% on the day.

The German DAX broke into a fresh all-time high on Tuesday, crossing the €17,000.00 major handle and etching in a new historical high close of €17,033.24.

The DAX has closed in the green for three straight months, and Monday’s acceleration into the topside cracked into record bids for the German index.

The DAX is now up over 4.3% from January’s swing low into €16,328.29 and over 16.5% from October’s bottom bids near €14,618.09.

Technical Levels: Supports and Resistances

EURUSD currently trading at 17005.47 at the time of writing. Pair opened at 16869.83 and is trading with a change of 0.8 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 16721.21, 50 SMA 16621.01, 100 SMA @ 15958.19 and 200 SMA @ 15941.34.

The previous day high was 16952.41 while the previous day low was 16840.8. The daily 38.2% Fib levels comes at 16883.44, expected to provide support. Similarly, the daily 61.8% fib level is at 16909.77, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 16822.95, 16776.07, 16711.34
• Pivot resistance is noted at 16934.56, 16999.29, 17046.17

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