Dukascopy

EUR/USD to trade range bound during holidays

FX:EURUSD   Euro Fx/U.S. Dollar
82 0 1
"Hawkish Fed talk this week has caught a market that has largely underestimated the risk of U.S. rate rises, while lighter, pre-holiday trade seems to be enhancing the dollar's resurgence."
- Western Union Business Solutions (based on Reuters)

Pair's Outlook
As a result of the whole trading day on March 24, the most popular FX pair lost only six pips. Trading volume continued to slump as Easter holidays approached in many countries worldwide. Although smaller volume creates risks of higher volatility , we expect a quiet environment throughout Friday when only the FX market is opened. Key support is unchanged – the 38.2% Fibonacci retracement of an earlier March uptrend at 1.1145, strengthened by the 20-day SMA from below. Meanwhile, both daily and weekly technicals are EUR-bullish.

Traders' Sentiment
Over the past 24 hours we have seen no swing from any side to another, meaning SWFX short traders are still holding a 12 pp majority over their long counterparts.
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