07 December 04:02 AM
The common European currency has been staying flat since Monday, continuing to decide on the destination of the following movement.
The flat range is 1.3240- 1.3420.
There is no doubt that the bulls took some steps to consolidate their positions. Nevertheless, the results turned out to be rather poor. Now, despite all the efforts made by the bulls, EURUSD is inclined to decline rather than to grow. Asian demand is noticed close to the pattern, which may seriously influence the future market situation.
Today’s significant news releases are expected at 9.30GMT (UK), 11.00GMT (German Factory Orders) and 20.00GMT (Consumer Credit – US).
For the Euro trading session of Dec 7th the Department of Volume Analysis of Masterforex-V Academy has defined the following trends:
The mid-term trend of UERUSD is sideward (flat)
The short-term trend of 6ECONT:
Level 1.3353, formed last Thursday (over 6500 lots of volume), may become the key reference point for today. If the price manages to get over it, the bulls will gain the upper hand. If the market doesn’t return to the level then currency pair will probably continue declining.
You are free to discuss this article here: forum for traders and investors
No comments:
Post a Comment