FOREX NEWS: MAJOR BANKS ARE CLOSED, GENERATING IRREGULAR PRICE ACTIONEUR/USD
Forex News: The Euro bulls controlled the beginning of yesterday’s trading session and took the pair above 1.3830 but price soon dropped below this level and overall trading lacked clear direction.Technical Outlook
The pair will most likely have a behavior which will be difficult to trade due to the fact that major banks around the world will be closed in celebration of Good Friday; this will generate low liquidity and sudden surges of volatility. Moves back above 1.3830 are a distinct possibility but moves lower are not out of the question either and that’s why we recommend caution if trading today.Fundamental Outlook
Today there will be no data releases as most banks and brokerages are closed in observance of Good Friday.
Yesterday we saw a break of the major resistance located at 1.6820 but the bears took control of the pair as soon as positive US data was released, taking price back below resistance.Technical Outlook
Similar to the EUR/USD and probably to all pairs, the Cable will have a low-volume trading session which will be characterized by abnormal volatility and movement. Caution is recommended and potential breakouts shouldn’t be considered valid until volatility is back to normal.Fundamental Outlook
The United Kingdom didn’t schedule any financial indicator releases today and the same is true for the United States.This post has been edited by GDMFX: Apr 18 2014, 11:21 AM