The common European currency is trying to catch at a straw while seeing a downtrend. Probably, today it will succeed on news from G20. However, most analysts say that a slight rally may occur as the result of mass profit-taking after a strong downswing.
Today’s economic reports are not expected to have a considerable impact on the market.
For today the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is bearish
The short-term trend of 6EZ1 (EURUSD futures) is the following:
Today’s max volume cluster located around 1.3460 (8600 lots) is currently the reference point. So far the testing of the level has been a success for the bulls. However they need an upswing to initiate a more considerable rally. The bears will have to break the level back if they want to continue the downtrend.
