FOREX NEWS. EURUSD is not in a hurry to come out of the 1.4780-1.4880 price range. There was an effort to break above 1.4900 but it failed and was followed by a pullback into the range. By now the price is moving around the upper border of the range. However the market sentiment is still far from being positive.
Today’s news releases are not numerous: 8:00 and 9:00GMT (EU news block) and 14:00GMT (US Factory Orders).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: flat
The short-term trend of 6EM1 (EURUSD futures) is the following:
1.4831, yesterday’s max volume cluster (5500 lots), is the key point at the moment. If the price breaks and consolidates above it, there currency pair may break above the upper border of the range. If the bears take over the initiative EURUSD will probably keep moving in the range.
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