Pair gained 20 pips in opening minutes of trade and has come to consolidate just off highs, currently trading at 132.75.
With early sentiment now established, and moreover with Nikkei closed, band trading will likely be theme of session. Pair is moving sideways within the range 132.71-132.83. Volumes continue to seep lower ahead of the first trading of 2010 when a flurry of trade is expected to buoy volatility.
Despite the upmove (trading 20 pips up), the medium term downtrend of the Euro looks set to continue.