During today’s Asian trading session EURUSD showed some reassuring signs for the common currency. Most analysts assume that the current consolidation gives way to further recovery.
Today’s European economic reports are scheduled for 8-9 a.m. GMT. During the American session the Fed reserve is planning to release its “Beige Book” report (6p.m. GMT).
For today’s Euro session the Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is still bearish
The short-term trend of 6ЕZ1 (EURUSD futures) is the following:
The future succession of events will be determined by the level 1.3330, which is a considerable volume cluster (9000 lots). In order to initiate a rally, first the bulls will have to consolidate above the level. If the bears are stronger and more confident, they will break and consolidate below the support, thus getting an opportunity to make another downswing.
