EUR/USD to trade range bound during holidays

As a result of the whole trading day on March 24, the most popular FX pair lost only six pips. Trading volume continued to slump as Easter holidays approached in many countries worldwide. Although smaller volume creates risks of higher volatility, we expect a quiet environment throughout Friday when only the FX market is opened. Key support is unchanged – the 38.2% Fibonacci retracement of an earlier March uptrend at 1.1145, strengthened by the 20-day SMA from below. Meanwhile, both daily and weekly technicals are EUR-bullish.  

Over the past 24 hours we have seen no swing from any side to another, meaning SWFX short traders are still holding a 12 pp majority over their long counterparts.