The stabilization of the EURUSD has reassured most buyers but hasn’t cardinally changed the situation. The recovery is restrained as the bears are still dominating the market.
Today’s news releases influencing the market dynamics are scheduled for 8:30GMT (UK) and 12:30GMT (USA).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is downward
The short-term trend of 6EM1 (EURUSD futures) is the following:
The testing of 1.4380, one of the daily levels of the week (4250 lots), is expected to clarify the situation. If the test is a success (a genuine breakout) the sellers will keep pressing EUR. If the price comes back to the level the buyers will get a chance to take over the initiative and to start an upward correction against the downtrend.
