EUR/USD: still contained in illiquid market – FXStreet

By FXStreet FXStreet (Guatemala) – The dollar edged sharply lower in thin trading and ahead of Friday’s holiday, with the EUR/USD pair ending last week at 1.0962, the 61.8% retracement of the 1.1059/1.0802 decline.

Key Quotes:

“With another short week ahead, there’s even less to expect from financial markets than what they offered last week, as the New Year holiday extends to more countries, and the only relevant data will be the release of the US Consumer confidence and the ECB Monetary Policy Meeting accounts on Thursday.

But usually, the market is already on holidays after Christmas, and activity won’t resume until early January, with the release of the US Nonfarm Payrolls report.

In the meantime, the common currency is still fighting dollar’s strength having recovered above the 1.0880 level, which acted as a strong resistance in the previous days. Nevertheless, the pair is still contained below the 1.1000 level, having been unable to advance beyond it on short lived spikes through it. “
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Source:: FX Street