6ECONT and EURUSD come down to earth

Market Leader informed

Yesterday the common European currency formed a strong downward impulse against USD, passing over 250tps and making a new local low at 1.3530. EURUSD is currently being traded around the 1.3530 area.

Most investors are concerned about Ireland’s problems and feel negative about EUR. However, there is another concern: they say there is a chance of China toughening its monetary policies. Analysts report that the bearish sentiments are currently prevailing at the market. They suppose that last week’s growth was correctional.

Today’s news releases can have a significant impact on the market. At 9.00GMT the EU is releasing its major economic data while at 9.30GMT GB is to publish its GDP value. The US news block is expected to come out from 13.30 till 15.30GMT, including Existing Home Sales.

The Department of Volume Analysis of Masterforex-V Academy has defined for today’s European session:

The mid-term dynamics has the form of consolidation within a wide-range flat.

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

The reaction of the price to 1.3600 (the volume of the current week – over 16.000 lots) may become today’s key moment. Another test with an upward breakout will indicate growth. A downward impulse with settlement below the level will prompt bearish sentiments.

 

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