On Wednesday, December 25, the single European currency against the dollar in morning trading shows an undirectional movement after a slight change a day earlier.
Yesterday, on Tuesday, the currency pair lost direction and mostly consolidated against the background of the pre-holiday atmosphere on the world stock exchanges.
Yesterday’s trading session on the U.S. stock exchanges was shortened, and some European platforms also rested on the occasion of the Eve of Catholic Christmas, so the currency market was relaxed, and trading volumes – low.
Today, the stock exchanges of the Usa and the Old World countries are closed on the occasion of the holiday, and in the conditions of the “thin” currency market, fluctuations of key pairs can traditionally be devoid of fundamental background and are undirected, chaotic, so players should be especially careful in transactions.
The calendar of statistics on holiday dates is also empty, and the data released at the start of the week, we remind, did not impress dollar “bulls” – orders for durable goods in the United States for November decreased by 2.0% with growth forecasts of 1.5%.
From a technical point of view, the EUR/USD currency pair is forming a consolidation figure – a “symmetrical triangle” – and it is advisable for players to keep track of signals about the direction of the breakout figure in the coming days.
Saidova Sarina, Lead Analyst in World Markets Analysis at FINAM