A quiet New York session has seen little change in exchange rates since the Asian, European, and UK traders went home for the night. The lull in volatility is likely to be short-lived as this week is fairly packed with economic data beginning with Consumer Confidence and Existing Home sales tomorrow at 10:00 a.m. ET.

We were long EUR/USD in Asia last night from 1.4095 targeting 1.4145. The market could only manage a 1.4129 before retreating back below 1.4100 as we trade 1.4085. Once we failed above 1.4100, I closed out the trade for a scratch

EUR/JPY is testing the lower end of channel and Fib support at 161.50-75. Anything below the .786 retracement (not shown) at 162.12, and we will likely re-do the count.

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Todd Gordon is a Technical Currency Strategist and Fund Trader with GAIN Capital Group.

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