Market Leader informed
Yesterday the common European currency managed to update its local high, getting close to 1.4060. However the movement looks weak. Even though from the technical point of view GBPUSD shows uptrend, in practice it looks like everything may rapidly change in the short run.
Nevertheless, most investors tend to express positive sentiments, noting that EUR has reached its max value since Oct 25
th
. It happened in spite of the fact that the yield spreads of the Spanish and Irish treasury bonds had grown against the German bond yield spreads. Such an ambiguous situation makes EURUSD look uncertain in the mid-term perspective, increasing risky sentiments.
Today’s macroeconomic data may turn out to be a significant market accelerator as there are many important news releases expected for today:
8.00GMT - EU news block
09:30GMT - PMI Services (GB)
USA news
12:15 GMT - ADP Employment Change
14:00 GMT - ISM Non-Manufacturing Composite, Factory orders
14:30 GMT - Crude Oil Inventories
18:15 GMT - Federal Open Market Committee Rate Decision
Nov 3rd 2010. The Department of Volume Analysis, Masterforex-V Academy, has defined the following market dynamics: The mid-term dynamics of EURUSD is upward
The short-term dynamics of 6ECONT (EURUSD):
In terms of trading volume, 1.4005 is a fairly significant level (over 1000 lots of volume). A breakout with an impulse of more than 50 pts down will testify to a deep retracement against the current uptrend. If the price consolidates above it EURUSD may get further support to conquer new heights.
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