Forex: EUR/USD stalled – FX Market Report

30/12/2011 19:55 AST

"It looks like all the major players on the EU break down story have agreed a temporary truce until hostilities are resumed", says Gavin Grier-Rees, noticing that the EUR/USD has stalled after having been the prime mover of markets before year-end break. Grier-Rees adds: "Market seems lost when it doesn't have it's daily diet of horror stories of a EUR meltdown".

Low volume is still the star of the show while "many traders will have shut their books and be enjoying a full weeks holiday", except for historical "demand for JPY as exporters square their books" in a culture with less Christmas holiday impact.

Grier-Rees points to supports at 1.3025 and 1.2980-85. Resistance areas should be found at 1.3085 and 1.3155.


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