Friday's candle on the euro vs dollar daily chart, provided little in the way of anything new for us to consider from a technical point of view, ending the trading session as a small spinning top candle, very simple to that of Thursday, but this time with a red body, rather than blue. Once again prices remained firmly in the 1.38 to 1.43 price channel, and until we see a breach of one of the levels, then the sideways consolidation seems likely to continue further as we move deeper in the summer lull, with thin trading volumes and a general malaise in the markets as we wait for the catalyst to spark them into life. This is unlikely to come today as we only have two items of fundamental news on the economic calendar, both of which are relatively minor, and therefore unlikely to have any great impact on market direction. We seem destined for yet another day of listless price moves in a relatively tight trading range.
