EUR-USD traded Monday on very light volume. UK and Canadian banks were closed and the range on the day was only 60 pips. With no Report/News coming out we had a very slow day.
1.4418 remains key resistance. If we are to move higher we will have to break above this level to the get buyers interested. Barring that we are still in a down trend. The daily stochastics which was extreemly over-sold has taken a breather and now has room to go down yet again. This week which is also a short trading week, with New Years falling on Friday, we will continue to have low trading volume.
For Tuesday the only notable report is at USD CB Consumer Confidence at 10:00 am ET, which should move the market.
1.4418 remains key resistance. If we are to move higher we will have to break above this level to the get buyers interested. Barring that we are still in a down trend. The daily stochastics which was extreemly over-sold has taken a breather and now has room to go down yet again. This week which is also a short trading week, with New Years falling on Friday, we will continue to have low trading volume.
For Tuesday the only notable report is at USD CB Consumer Confidence at 10:00 am ET, which should move the market.
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