Market Leader informed
Over the last few days the common European currency has made a consolidation effort, updating the local high at 1.4010. Today’s trading session may indicate whether the indefinite movement will turn into a flattish pattern within the 1.3878 – 1.3920 range or EURUSD will manage to conquer new heights, forming a solid bullish impulse.
This week’s market movements can be influenced by FOMC meeting minutes, which are to be released on Nov 3rd at 19.15GMT.Most analysts consider the current condition of USD as rather weak. That is why in the short run we may witness the consolidation of the US Dollar against other major currencies. The investors’ attention is focused on how often and in what volume the Fed Reserve is going to implement the measures of “quantitative weakening”. Today’s news impact on the market is minimal as the macroeconomic data are expected to come out only for GB at 09.30GMT. For Nov 2nd 2010 the Department of Volume Analysis of Masterforex-V Academy has determined:
The mid-term trend of EURUSD
The short-term trend of 6ECONT (EURUSD):
The key moment will be the market reaction to 1.3920, which is a significant level of the contract with 52.000 lots of trading volume. If EUR succeeds in settling above the level and turning it into support, there will be a solid base for an uptrend. Otherwise the price may continue developing the flattish pattern.
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investors will make a note of rupee’s movements ahead, with the currency hitting 72 per dollar again at the time of market coming to close.
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