6ECONT and EURUSD have considerable potential to grow

Market Leader informed

The common European currency has recently managed to easily upgrade the local high, reaching 1.4280. Last time EURUSD managed to score such a success was in December 2009.

The overall market sentiment is positive. One of the reasons for it was yesterday’s news release on the US interest rates. Technical analysis indicates the bullish potential as well. However, there is also a chance of retracement down the 1.4100 area in the near future.

This trading day is rich in forthcoming macroeconomic news releases. At 8.30GMT the UK is to release its news block, followed by the economic data from the EU (12.00-13.00GMT). Today’s American trading session will be rich in news events as well: the 12.30GMT news block, especially Change in Non-farm Payrolls, followed by a range ofother news releases from 14.00 to 19.00GMT.

The Department of Volume Analysis, Masterforex-V Academy, has defined for today:

The mid-term dynamics is upward

The short-term dynamics of 6ECONT (EURUSD futures):

In terms of trading volumes, the 1.4200-4210 price range looks fairly significant at the moment as this is the area of the maximal volume cluster of the European session. If the price succeeds in going up from the area and consolidating above it then we will witness a series of new local highs. If there is settlement below the area, the price may start developing the anticipated retracement.

1.4005 (over 1000 lots of volume) is a fairly significant level as well. A downward breakout of the level followed by an impulse of over 50pts down will prompt a deep retracement against the current uptrend.  Consolidation above the level may provide GBPUSD with extra power to conquer new heights.

 

 

 

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