EURUSD has updated the local low and it is probably not the limit. The reasons are the same: uncertainty in the eurozone and economic slowdown make investors seek for safe haven assets.
Today’s major economic reports are: the EU’s GDP, Germany’s industrial orders and ISM Non-Manufacturing PMI (USA).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: downswing
The short-term trend of 6ЕU1 (EURUSD futures) is the following:
The pace at which EURUSD will continue its downswing will be determined by the current max volume cluster at 1.4072 (1400 lots). If the sellers stay active and consolidate below the level, the decline will be continued. However, if the buyers manage to keep the price above the level, there will probably be an upward retracement.
