Alex Borzak
After a shallow correction EURUSD is moving in a narrow price range of slightly over 50pts. Probably it is conditioned by the forthcoming holidays: the Japanese and British exchanges will be closed. Most speculators are not in a hurry to enter a trade. So, the further strengthening of Euro is under question.
During the European trading session the EU news block is expected to come out at 9:00GMT. The US news block is scheduled for 13:50GMT (Michigan University Consumer Sentiment Index) and 16:30GMT (Ben Bernanke speaks).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD - narrow price range
The short-term trend of 6EM1 (EURUSD futures) is the following:
1.4802, yesterday’s volume cluster (over 2500 lots), is the closest level determining the current situation. Right now the bulls are trying to consolidate above it. If they succeed, EURUSD will probably continue the uptrend. Otherwise, the currency pair will probably continue moving in the mentioned narrow range.
Alex Borzak
