There was a double bottom formation after the UK PMI data was lower than expected, this indicator is also at lower levels than previous months. The RSI technical indicator is showing bullish divergence and the MACD line has just turned above the signal line. The trade setup is entry at 0.7794 with a stop loss at 0.77653 and the first profit target at 0.78227. However there is an important event risk coming up for the EURO, Draghi will be speaking after the rate decision.