FXstreet.com (Buenos Aires) - Majors has spent both European and American session consolidating in tight range; most likely consolidation will extend till early Friday, when the Manufacturing and Service PMI of euro zone, Germany and France will be publish: all reports are expected to the upside, thus under the key 50 level that divides growth from recession.

Later in the day, attention will be focused on U.S. Existing home sales, also expected to the upside, and a speech of FED's chairman, Ben Bernanke.

Positive data in Europe, if better or in line with expectations, could put risk appetite back on the table, and support and Euro rise. Negative readings will mean exactly the opposite. But U.S. data later in the day will define the week close, as U.S. stocks continue to be the main driver of currency market.