The common Euro currency has just made a correction movement of more than 100pts and seems to take a break after the 2-week growth. Most analysts say that Euro looks “slightly depressed” after the rally. Numerous investors keep taking their profits, which is the reason for the correction. The sellers seem to get more active around 1.4405.
At 8.30GMT the UK is to release a range of major economic data. The EU news releases are scheduled for 9.00GMT while the US news events are to come out at 12.30GMT.
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: correction against the uptrend
The short-term trend of 6EM1 (EURUSD futures) is the following:
1.4431, yesterday’s max volume cluster (6600lots) looks significant at the moment. If the sellers manage to maintain the price below the level, there may be further correction. If the buyers manage to come close to the level, there will be an opportunity for another rally.
