Tatiana Kashyrskaia
Yesterday the common Euro currency almost repeated Monday’s scenario. The currency pair kept moving within the same price range.
In general, by now EUR looks more confident and determined than USD. Most fundamentals indicate that the US Dollar will probably continue declining in value. Moreover, the Fed Res is not in a hurry to toughen the monetary policy, as opposed to the ECB, which is ready for another interest rate increase.
Today’s news releases are expected to come out at 08.30GMT and 9:00GMT (for the EU countries) and at 20.00GMT (US crude oil stocks).
For today the Department of Volume Analysis of has defined the following market tendencies:
The mid-term trend of EURUSD: flat
The short-term trend of 6EM1 (EURUSD futures) is the following:
The price is currently testing 1.4810, which is the level of yesterday’s max volume cluster (5800 lots). If the price settles above the level the currency pair may resume its rally. If the bears take over the initiative, the price will probably keep moving with the range.
Tatiana Kashyrskaia
