EUR/USD: Calm market due to US Independence day

Vasilis Tsaprounis Independent Analyst

In a calm tone the pair trades as the markets do not expect any important economic data from the Eurozone and the markets on the opposite side of the Atlantic are closed due to the Independence Day of the United States.

Last week's close came as no surprise with eurozone inflation showing a modest increase as expected.

Once again the pair reacted after a strong dip near the 1,0365 levels. It is the third attempt since May 8 that the 1,0350 level has proved particularly strong.

The pair although showing signs of reaction to every dip remains vulnerable and it may be only a matter of time before this level breaks downwards too.

The idea to buy the pair on a dip as we mentioned the last days it turned out to be quite successful again and in such an environment may be and for today we consider something similar.

In general, due to the holiday in the United States, trading is expected to be limited range trading and the market to be relatively shallow.

Author

Vasilis Tsaprounis

Independent Analyst

Vassilis Tsaprounis possesses over 25 years of professional experience in Capital Markets and especially in the foreign exchange market.

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