6ECONT and EURUSD: the movement is restrained

As Market Leader reported, previously the common European currency failed to come out of the range formed by the local extremes at 1.4160 and 1.3770. The movement was flattish. During the Asian session EUR was falling while at the American session it almost regained its position. Currently most traders expect EURUSD to decline in the short run. The recent decrease in the USD currency rate has turned out to be excessive. Investors’ sentiments have been stabilized, allowing USD to recover a little. According to some well-known info agency, there are fears that
the market has gone too far while selling dollars. Now it is trying to improve the situation, so USD is in demand again.
Today’s news releases that may influence the markets: 9.00GMT (EU) and 12.30GMT (US).

For Oct 19th 2010 the Department of Volume Analysis of Masterforex-V Academy defines:
The mid-term dynamics is flattish.
The short-term dynamics of 6ECONT (EURUSD futures):

The 1.3920 level of the contract still remains significant. The future market dynamics will be based mostly on the reaction to the given level. A 50-100pts impulse in either way will determine the short-term tendency.



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