Forex Signals - EURUSD Thin Markets

Daily Outlook: Welcome back PipHutters! Thin holiday / end-of-year markets out there as prices have basically been consolidating for the past several days. Many banks will re-open today around the world so we could finally see some movement and volume today though we guess that between 50-70% of traders are done for the year and will pick up again in 2012. That is not a scientific guess - just our experience.

Trading Idea: For traders looking to brave it today we are tracking a rising trend support and a falling trend resistance (blue lines) that are converging together to form a giant pennant consolidation pattern. The preferred trade out of this setup is a short and we will look to sell on a downside break of the rising support level (PRO members will receive email alert if subscribed) with targets at 20/20/20/20 pips for 80 pips potential. Keeping it tight to reflect the think markets.