FxWirePro: CAC-40 jumps to 12-week high, pauses at 61.8% Fibos at 5293, bias higher

• 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. 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.

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

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest