Overall, the market continued to trade on a very light volume. The Easter Holiday kept trade desks and other institutional traders away from the currency market, something that was reflected in the market’s initial erratic behavior. Some improvements in momentum are expected during the U.S., but nothing that may offer too much in regards to sustainable price moves. 

The Euro (Eur/Usd) declined 40 pips on a very light schedule during the Sunday open. The euro moved in a similar fashion on Friday, when the market also lacked any real volume or momentum. The euro may experience some impulsive moves in the coming period, as the ECB is preparing to announce a new quantitative easing program. 

The Pound (Gbp/Usd) traded in a tight range above the 1.4600 support level, looking for direction. At the same time, the pound trades just above the 20 and the 100-day moving average areas. Both the euro and the pound have a very light calendar release schedule this week.

The Aussie (Aud/Usd) holds around the 0.7200 area, a very important swing point, despite the low volume environment. During the Asian session the aussie moved in a 40 pip rage, struggling to break higher. 

The Cad (Usd/Cad) starts the new week of trading barely above the 1.2000 area, an important swing point that has held the up pair since early February. The Sunday open did not bring anything new, and saw the cad trading within the same 40-pip range as it did on Friday. 

The Swissy (Usd/Chf) rose to TheLFB R1 (1.1595) during the Sunday open, but could not move any higher. Additionally, the same area acted as a resistance level in the last three trading days, stopping the swissy holding from any additional gains. 

The Yen (Usd/Yen) starts the Sunday session looking for a direction to trade. However, until now the pair has only slightly extended the range seen on Friday, when the yen traded in a 25-pip channel.