The common Euro currency keep showing steady growth and making new highs.
EURUSD hasn’t been around 1.4350 since January 2010. Most market participants are still actively buying the common Euro currency in advance of the ECB’s new interest rate decision that is going to be announced today. Probably such active purchases are conditioned by the expectations that the current uptrend will reverse after the interest rate release.
Today’s key news events include BoE rate decision (11:00GMT) and ECB rate Decision (11:45GMT).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is upward
The short-term trend of 6EM1 (EURUSD futures) is the following:
Yesterday’s max volume cluster at 1.4278 (over 9000 lots) is the key level at the moment. If the bears manage to consolidate below the level the expected downward correction will turn into a real one. If the bulls still have enough strength to initiate an upward momentum from the level the uptrend will continue.
