The common European currency is slowly recovering. Investors show positive sentiments over Wednesday’s new industrial orders. Some experts anticipate a 1% increase.
Another major factor is the opinion that the US economy will eventually face more serious problems than the European one despite the continuous debt problem in Greece.
Today’s significant EU news blocks are scheduled for 08:00 and 09:00GMT.
By now the Department of Volume Analysis of has defined the following tendencies:
The mid-term trend of EURUSD: consolidation
The short-term trend of 6ЕU1 (EURUSD futures) is the following:
The current market situation will be clarified by the market reaction to the 1.4273-1-4264 price range.
There are major volume clusters within the range: 1.4264 (11000 lots), 1.4273 (5000lots). Therefore, if the sellers want to take over the initiative they will have to make price get back to the range and break below the mentioned clusters. On the contrary, the buyers will only need to consolidate above the clusters.
