Market Leader informed
Over the last few days the common European currency has developed stable upward dynamics, constantly updating local highs, the last of which was 1.3770. Currently the price is testing the high.
The US dollar has lost its ground a little versus all other currencies. Probably one of the reasons for it was the news that Ireland had eventually asked for help.
According to the EU finance ministers, the financial aid will be allocated from a special fund. There is a possibility of restructuring the Irish financial industry as they expect Ireland to release its plan to reduce its budgetary spending.
The only significant news release for today is ECB President Jean-Claude Trichet’s annual report at 16.00GMT.
The Department of Volume Analysis, Masterforex-V Academy, has defined for the Euro session:
The mid-term dynamics is upward
The short-term dynamics of 6ECONT (EURUSD):
In terms of volumes, the market reaction to 1.3775 will be important as currently the market is forming the Euro session’s maximal volume cluster (over 700 lots already) around the given level. An upswing from the level will prove that the bullish tendency is still strong. On falling and settling below the level the price may start retracing further down.
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