Forex News: New Year’s Day Brings Markets to a Standstill

EUR/USD

Forex News: The entire last week was bullish and the final trading day of 2017 was no exception. Price broke the key resistance at 1.2000 but then retraced and finished the year very close to the level. The fundamental scene lacked any important releases.

New Year’s Day Brings Markets to a Standstill 1

Technical Outlook

Today markets across the globe will be closed and price action will come to a stop. Movement will resume Tuesday.

Fundamental Outlook

Banks in most parts of the globe will be closed, celebrating New Year’s Day and no economic data will be released today.

 

GBP/USD

Friday the bulls took price more than 100 pips higher, breaking 1.3500 and approaching 1.3550 resistance. The session ended with a bounce at resistance and a move lower but the bias remains bullish.

New Year’s Day Brings Markets to a Standstill 2

Technical Outlook

Today price action across the board will come to a stop, celebrating to New Year’s Day and trading will resume Tuesday.

Fundamental Outlook

UK banks and financial institutions will be closed today as well, so the markets will come to a stop and activity will resume tomorrow.

 

Written by: Bogdan Giulvezan

The article above is based on the writer’s 7-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.