Over the last few days the market has seen some balanced opposition of the bears and bulls resulting in a widening flat within the 1.3200 – 1.3420 range.
The market sentiments are changeable. On the one hand, the currency pair has managed to consolidate and make some bullish efforts. On the other hand, the bears remind that they have in store a significant potential and are not going to give up in the short run. Moreover, in terms of tech analysis, the long-term chart of the currency pair looks more optimistic for the sellers.
The news factor may influence the market at 11.00GMT (combined news block for the EU and UK) and 15.30GMT (US news releases).
For today’s European trading session the Department of Volume Analysis of Masterforex-V Academy has defined the following trends:
The mid-term trend of EURUSD is consolidation within the given rage
The market reaction to 1.3238, which is a volume cluster (volume – over 21000 lots), will prompt us the further movement. In order to prove its superiority the bulls will have to develop a bullish impulse from the level. If the price shows a significant decline from the level, the bears will keep pressing the common European currency (EUR).
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