The EUR/USD pair did very little during the session on Monday as it simply went back and forth in a very tight range. However, we remained above the crucial 1.3150 handle, and this does suggest that there is still an upward bias in this market. After all, we broke out on Friday, and the fact that we didn’t fall back into the previous range on Monday does suggest that there is enough interest to keep pushing the currency pair higher.
If we managed to break the highs from the Friday session, we would suggest this market goes higher, but there is a lot of noise above. With that in mind, expect choppy conditions with an upward bias going forward. Also, do not forget that if the end of the year, and liquidity will become a real concern the closer we get to New Year’s Eve.
Written by FX Empire