EUR/USD: Bulls for Euro are shifting into observation mode

The pair EUR/USD is traded downward at the Forex currency market on Tuesday morning after yesterday’s rise over 1.39

By 9.25 MSK the Euro is at 1.3903 against yesterday’s closing level of 1.3928.

Today, investors expect statistics on Germany and France; probably consumer confidence index will be weak.

It is unlikely that movement in the market will be too active in advance of the Summit scheduled for Wednesday: markets are waiting for publication of the plan to rescue Eurozone from debt problems in the middle of the week.

However, it should be understood that resolution of the debt problem is a long process and major pair looks too overbought at the moment.

Most likely the pair EUR/USD will not leave the range of 1.3870-1.3930 at the trading session on Wednesday.