FOREX NEWS. EURUSD was traded in a price range of 150pts during the entire last week. It seems that the currency pair is on the verge of another reversal, which is confirmed by Friday’s decline.
Most market participants feel slightly pessimistic. The uptrend has significantly slowed down. Even though the decline of the stock indexes hasn’t provoked any collapse of the common Euro currency so far, it has managed to cause a significant wave of profit-taking. The Euro currency is supported by the expectations of an interest rate increase and the poor condition of the US Dollar.
Among today’s news releases there is only one that should be paid special attention to. It is Consumer Confidence Index (Eurozone, 14.0GMT).
For today the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is sideward
The short-term trend of 6EM1 (EURUSD futures) is the following:
Friday’s max volume cluster (over 5300 lots) is the key point at the moment. If the bulls manage to consolidate above the level they will get all the chances to move the currency pair further up. If the bears preserve the dominance we may see the market reversing the uptrend.
Прогноз подготовлен кафедрой анализа объемов.
