After hesitating a little the common Euro currency is trying to reach new heights. 1.4270 is obviously not the limit.
Investors are concerned about the strengthening of the German influence on the ECB. And it doesn’t favor the perspectives of the common currency itself. In the light of such events there is high probability that the ECB will be too hasty to increase the official bank rate, which will affect both the EU and global economies. Such measures may hamper the pace of the EU’s economic growth and even damage the economy. Moreover, what is good for Germany may turn out to be bad for its “neighbors”.
Today there are many significant news releases: the EU news block at 8.30 and 10.00GMT, including the UK industrial output and the EU GDP, and the US news block at 14.30GMT, including EIA weekly crude and gasoline stocks.
For today the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is slightly upward
The short-term trend of 6EM1 (EURUSD futures) is the following:
The high of the day located at 1.4250 (about 2000 lots) is the key level. If the buyers overcome and consolidate above the level, EURUSD will continue its uptrend. If the sellers get more active and consolidate below the level, they will probably initiate a bearish momentum.
