EUR/USD: holiday extends, quiet trading

21.04.2014 11:52:49

With Australia and New Zealand closed for Easter Monday, market will actually kick start later today, with Japan; European stocks will also be off with the US finally opening. Overall, there had not been much forex related news over the weekend besides continued tension in the Ukraine/Russia conflict. So far, the situation has not been enough to trigger a run to safety albeit the risk of such is pretty high, and should not be disregarded. 

As for the EUR/USD the pair closed Friday right above the 1.3800 level, gapping slightly higher with this new weekly opening. The technical short term picture is quite neutral after the holidays, and will likely remain so over the upcoming hours; immediate support comes at 1.3780 strong Fibonacci level, while 1.3825 caps the upside in the short term. A break of either extreme will probably favor some short term continuation in the set direction, although thin Monday should not see any critical breakout across the board.

Support levels: 1.3780 1.3750 1.3720

Resistance levels:  1.3825 1.3860 1.3890