The 3-day range of the common European currency suspended a little bit during today's European trading session. After the currency pair set another local low at 1,3512, the price started trading within the scope of a pretty narrow range between 1.3512 and 1.3539.
At the second part of the European trading session, we witnessed negative news from the Eurozone. In particular, the region's balance of payments showed us a smaller surplus as the result of a decline from 216bn euros down to 19,5bn euros while experts had anticipated an increase up to 23bn euros.
Still, the negative report failed to prevent EURUSD from recovering up to 1,3535. At the same time, the US Dollar is waiting for the report from Michigan. This is going to be the last economic report this trading week. So, it may trigger some moves in the markets of EURUSD and the USD index. The consumer sentiment index is going to be release in the middle of the American trading session. The recent survey shows that the respondents predict an increase form 82,5 up to 83 points.
EURUSD Prospects
According to Masterforex-V Academy, the common European currency is still under the bearish pressure, which is confirmed by the downtrend in the price chart below.
During the Asian trading session the price broke below the bottom of the 1.3520-1.3539 range.
Still, this was a false break as the price failed to consolidate below the bottom of the mentioned range. The current price range is 1.3512-1.3539. A true break out of the range will determine the direction of the short-term tendency.
