Forex News: Markets and banks were closed yesterday due to Christmas and price action came to a total stop. Today some European countries celebrate Boxing Day, so market behaviour will be still uncertain.
Price will start to move today but volume will remain thin and price action will be irregular. A technical prediction cannot be made with accuracy but the levels to watch are 1.1875 as resistance and 1.1825 as support. Caution is recommended because we may see alternating periods of very high and very low volatility.
Most European banks will be still closed today and although U.S. banks will be open, no major economic data will come out and this will surely affect price action.
The pair didn’t show even the slightest trace of movement yesterday due to Christmas, so we pick up where we left off Friday.
Price action will resume today but we don’t expect major developments to take place mostly because volumes will be thin and volatility will be unpredictable. Caution is recommended today and in fact for the remainder of the year.
UK banks will be closed in observance of Boxing Day and no economic data will be released, which is another reason for irregular and choppy price action.
Written by: Bogdan Giulvezan
The article above is based on the writer’s 7-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.