The common European currency looks exhausted after recovering from the September downtrend. Most experts assume that in the short run the common currency may fall under pressure as next week’s economic data for the eurozone are expected to be rather poor. The recent rating cuts do not reassure as well.
Today’s European macroeconomic stats are to come out at 8:00GMT and 8:30GMT.
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD: consolidation
The short-term trend of 6ЕZ1 (EURUSD futures) is the following:
At this point last week’s max volume cluster 1.3793 looks fairly significant. So far the bulls have failed to consolidate above the level. If they do succeed, we may see another rally. Otherwise, the flattish movement in a range will go on.
