The common Euro currency has recently shown its strength against the US Dollar, having changed the deep correction wave for another bullish momentum. EURUSD has already updated the local highs. Apparently, the growth potential is still strong. The bulls still consider purchases when there are downward pullbacks.
Today’s news background is rather “lively”: The news for Germany and Great Britain are expected to come out at 8:00 and 8:30GMT while the US news blocks are scheduled for 12:30 and 14:00GMT.
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:
At the moment there is a struggle for the psychological level located at 1.4600. The total trading volume around the level is above 200 lots. If the buyers manage to initiate an upward momentum form the level, EURUSD will show further growth. If the sellers take over the initiative and make the currency rate decline, EURUSD will probably start a new downward correction.
