The holiday season is characterized by thin liquidity and thin trading volume as many traders are taking some time off. During most of the time, the outcome is boring markets that move in tight ranges. However, thin liquidity means that any surprising order can trigger big moves. When months, quarters and years draw to an end, we occasionally see last-minute portfolio adjustments. Is that what happened to EUR/USD? Here are some lessons we can draw for trading, relevant not only in the holiday season: Flash surge In the last Asian session of the year, it may have been some algorithms going rogue. Nearly three months ... (full story)