The traders are slowly returning to their desks after end-of-year festive brakes but the Forex markets are still in the holyday mode. Not much action is expected with most pairs trading in a range bound fashion. The Asian session brought some dollar buying and both Euro and Yen were offered.


I decided to buy both Euro and AUD against US dollar as I expect both to keep appreciating until they achieve higher levels attractive enough to short them later in the week. My other ideas for this week is to short USD\JPY but I'm not completely sure if current level of 117.50 is already a top or it might still have some room to go up. So, that's something I'm watching closely.
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