The common Euro currency has been showing more confidence in the last few days, probably getting ready to rally. The consolidation can be considered as a “timeout” and a chance to collect one's thoughts. The success of Euro is still modest but the overall bias seems to stay positive for the common currency.
Today’s macroeconomic data are scheduled for 8:30GMT (UK – retail sales) and 12:30 and 14:00GMT (US - existing home sales and jobless claims).
For the current trading session the Department of Volume Analysis of has defined the following market situation:
In mid-term perspective EURUSD is moving in a range
The short-term trend of 6EM1 (EURUSD futures) is the following:
The market reaction to 1.4208 (yesterday’s max volume cluster, 4500 lots) will help to clarify the situation. Consolidation above the level will help EUR to gain more confidence. Once the price consolidates below the level, EURUSD will probably see a downtrend.
