The trend of the common Euro currency has finally acquired new qualities. Yesterday it made a trend reversal, “legalizing” the downtrend. According to numerous experts, Euro is trying to become stable after yesterday’s active sales. Today’s trading session will probably show a more distinct correction.
This day is rich in macroeconomic data: 8.00GMT – EU news block, 20.30 – US news block.
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: downward reversal.
The short-term trend of 6EM1 (EURUSD futures) is the following:
At the moment the market interest is focused around 1.4214 (still the current max volume cluster – 1600 lots). The further movement scenario will be determined by this level. If there is a downward momentum from the level, the correction will become more distinct. If the bulls will take over the initiative, the Euro currency may see some strengthening.
