FXstreet.com (Barcelona) - Euro and Pound have reacted mildly on Thursday's European session from low levels after yesterday's declines, European stock markets are mixed and European economic confidence fell to record lows.

On the macroeconomic data front European session has not been very charming. Economic confidence in the Eurozone has dropped in February to its lowest level since 1985, while German unemployment rate has continued growing. Stock markets in Europe are mostly down, German DAX 1.27% lower, although London's FTSE has picked up 0.85%.

Euro and Pound pick up somewhat; USD/JPY at 98.00 resistance level

Euro and Pound are approaching session's resistance levels after bouncing up yesterday. The Euro has gained about 150 pips from 1.2610 to levels around 1.2760, resistance level, the Euro has stretched above the aforementioned resistance but fails to hold.

GBP/USD has bounced up from at 1.4160 and it was approaching resistance level at 1.4300 but the pound fell from 1.4290 to 1.4245 after BoE's King testimony before the Parliament's Treasury Committee.

USD/JPY has moved in a very narrow range below resistance level at 98.00 altough the level seems to had to break and the Dollar in overbought.