Just as we expected in yesterday's analysis, the UK Retail Sales data came in better than expected and led the majors back up to the top of the previous days' ranges, still consolidating following recent rallies. The euro was able to set a higher high vs. the dollar and a break of 1.24 could clear stops and head towards the 1.25 figure. Equities continued to trade above 10300 on the DOW, which means risk appetite may continue into next week. Friday will be important as it may give us indication on this current reversal. If we are able to hold on to this week's gains, strength may continue into next week.

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