Quiet Trading On Easter Monday?
European markets are still closed on Monday for the Easter holiday, so trading could be relatively quiet at the beginning of this week.
The most important piece of economic data this week will be the U.S. Nonfarm Payrolls Report on Friday. Today, we have the ISM Manufacturing Report scheduled for release at 14:00 UTC, which may spur some volatility in the market.
Both of our major currency pairs remained range-bound amidst a low-liquidity market environment.
EUR/USD: The euro may find some support around the 1.2250-level but if it drops below 1.2240 it may extend its slide towards 1.2190. On the top-side we see a current resistance at around 1.2480.
GBP/USD: The pound still holds above 1.40 but for how long? If that crucial barrier is significantly breached to the downside, we anticipate lower targets around 1.3880. A climb above 1.4080 may spur some bullish momentum in the market.
We wish you a good start to the new week.
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