Forex: EUR/USD under pressure, thin trade

By IBTimes Staff Reporter | January 18 2010 7:24 PM

FXstreet.com (London) - US was closed for Martin Luther King Day in previous session, and currencies traded very soft on tiny volumes. Market dwelled on JPMorgans lower than expected revenues. The data triggered nervous investors to move away from risky assets classes. Nikkei has in early trade gapped open to the downside around 70bps.

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In early Asian trading the Dollar was flat across its major pairs today, broad picture looks like this: EUR/USD 1.4404/08 (+0.15%), Swissy 1.0242/45 (-0.04%), Cable 1.6364/69 (+0.15%), USD/JPY 90.48/58 (-0.33%).

EUR/USD traded neutrally this Monday around the 1.4380 previous session. Dollar strength combined with fears over the Greek economy and the ability of its government to right the wrongs. Pair has bounced, for the moment and hovers above 4 month lows.

Approaching to 1.4400 again, pair has been trading in range since past Asian session, with no clear bias coming from charts. . says Valeria Bednarik, collaborator at FXstreet.com, Hourly indicators are slightly bullish at this point, yet confirmations above 1.4410 are needed to see the pair extending the upside to next key level around 1.4440, past week lows.

The pair is up just 2 pips from the open and currently trades at 1.4406, as thin trade continues in early Asian trade.

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