EUR/USD still holding below 1.0450 so far today

On Friday the EUR/USD continued to rebound from an earlier session low at 1.0343. As noted at the time, that low was just 1 pip below the low point seen the day before and as such perhaps that was itself a warning that downside momentum was stalling. However, it was not really confirmed beyond doubt until after the US PCE data helped to push the dollar lower across the board. It was that data which helped the EUR/USD to later reclaim the 1.04 handle and then extend that move into the US close. The Euro reached 1.0447 and later ended the week at 1.0430. However, as you can see it did not vault the 1.0450 level and so far today that has capped the topside again. The range seen today has been covered by 1.0418 to 1.0446. The Euro is kind of treading water and there is no denying the markets are pretty quiet at the start of this week. The reason for that should be obvious. The level of professional participation is going to fall as this week unfolds and of course the markets will be closed on Christmas Day and many centres will not effectively reopen until next week. There will be more to add on that and the level of coverage here in another update this morning. Meantime, the EUR/USD is currently trading at 1.0424