Amid mixed economic stats from the Eurozone published yesterday, the common European currency keeps on trading within a narrowing price range (a triangle) as the market participants cannot decide on the direction of the near-term trend.
The positive stats coming from the French labor market contributed to the start of the upward move in the market of EURUSD. The French Non-Farm employment stats increased from -0.1% up to 0.1%. The inflation figures for the Eurozone (annual and core inflation) remained stable at 0.4% and 0.8% respectively in July 2014. This triggered an upswing of EURUSD, thereby making the currency pair hit 1.3395.
The weaker-than-expected employment report from the USA triggered another upswing to 1.3407. Still, the SU Dollar managed to regain some of the lost ground by the end of the trading day, thereby closing the day at 1.3370
There are no key press releases from the Eurozone scheduled for today anymore. As for the USA, twee are going to see consumer inflation figures today.
EURUSD: American Session
According to Masterforex-V Academy, the situation in the H1 chart looks ambiguous. The currency pair is still trading within the scope of the 1.3335-1.3414 range, which narrows down hour by hour. The current fluctuation is taking place inside the 1.3358-1.3391 range.
At this point, the MF sloping channels (shown in the chart below) can be treated as extra levels of support nd resistance, Masterforex-V Academy reports. A true break followed by consolidation outside of the range will determine the direction of the near-term tendency.
