FX Daily Wrap Up

After last week’s major US Dollar rally, many traders (including this one) were expecting a bit more movement from the EUR/USD pair today. A tight 60-pip range offered few short-term trades and seemed reminiscent of last year’s mid-August meltdown, when ranges dried up and left traders scrambling for any movement. A new two-month low was hit at 1.2971, which last traded mid-November, but there were not enough bull Dollars to hold the position and the pair advanced back up above 1.300 within a half hour. Touching below established resistance is often seen as an indication of which direction the market will eventually take. In the EUR/GBP, a slow bearish market moved the pair to a 40-pip gain for Great Britain. With little news today, ranges dried up and most likely will remain steady – the pair is currently trading at .6719 as we move into the Asian sessions. XPRESSTRADE Analyst David Hilgeman