The common currency is uncertain about where to go further. The bulls may well benefit from the situation as major stocks and indexes have started recovering and investors are now getting increasingly interested in buying the British Pound.
At 8:30GMT the Bank of England is to make a report on its recent meeting. At 9:00GMT the eurozone is to release the data on its construction output. As for the US, today’s major reports are expected at 12:30 (building permits, CPI, housing stats) and 14:30GMT (EIA weekly crude and gasoline stocks).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: recovery
The short-term trend of 6ЕZ1 (EURUSD futures) is the following:
The current key point is 1.3793 (last week’s max volume cluster, over 10K lots). The bulls are now testing the level. If they succeed in consolidating above the level, the price will probably update the local high.
