The common European currency keeps rallying. However, it is not clear how much potential the currency has. Despite the fact that EURUSD updated the local high and neared July’s high around 1.4510, numerous analysts recommend selling as the situation in Europe is still uncertain and tense.
Today’s major economic reports: the UK’s retail sales (8:30GMT), the USA’s unemployment data (12:30GMT) and existing home sales (14:00GMT).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term dynamics of EURUSD is upward
The short-term trend of 6ЕU1 (EURUSD futures) is the following:
The closest reference point is this week’s max volume cluster at 1.4435 (11500 lots of trading volume). The market is staying around the level. The direction in which the market initiates a momentum will prompt the future market dynamics.
