EUR/USD move came on very light volume

In recent weeks, EBS, the interbank electronic broker, has been publishing some limited volume data. The data shows that the move up in EUR/USD came on much lighter volume than normal, perhaps as few as 700 mln EUR. Last week we had a similar move in USD/JPY and it came on over $3 bln.

This suggests that there was not a great deal or particpation on the way up and the move may have been nothing more than one decent-sozed order in a market still thinned by holidays.

EUR/USD is consolidating gains above the old resistance level at 1.3335, now at 1.3355.