Helena Izotova
EURUSD is trying to come out of the price range consolidating around its upper border. However, it is still uncertain about the direction. During the Asian session the Euro currency tried to strengthen but encountered resistance. However purchases on pullbacks look quite promising.
There are many significant news events scheduled for today, including Bank of England Interest Rates Decision and ECB Interest Rates Decision (at 11:00 and 11:45GMT correspondingly).
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:
1.4853, this week’s max volume cluster (11000 lots), is the key level at this point. If the price succeeds in breaking and consolidating above the level the currency pair will probably come out of the range and update the local high. If the resistance proves unbreakable the price will keep developing the flattish pattern.
Helena Izotova
