The common Euro currency keeps rallying. EURUSD is currently moving around 1.4400, having gained about 150pts over 24 hours.
Yesterday’s ECB press conference caused an increase in the market activity. At first the reaction was ambiguous as it was expected that the ECB would announce a series of interest rate increases within the framework of tougher monetary and credit policies. However in general the speech had a positive effect as the bulls kept buying.
Today’s economic news releases are expected to come out at 8.30GMT (for UK) and at 14.00GMT (for the US).
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:
The current max daily volume cluster located at 1.4375 (about 2000 lots) is the key point at the moment. If the bulls initiate an upward momentum from the level EURUSD will continue the uptrend. If the bears manage to break and consolidate below the level, there will be a correction movement.
