The hawkishness of the ECB and the remarkable resilience of the Eurozone economy have contrasted sharply to the increasingly dovish bias of the Federal Reserve and deterioration in the US economy. Looking ahead, there is no immediate threat to further EURUSD gains. It is no secret that currencies are usually trending in nature and unless there is a reason for this trend to change, it probably will not. Even though the US markets are closed tomorrow, there are plenty of Eurozone economic data due for release. This includes the final third quarter GDP figures, the current account balance and industrial orders for the month of September. Unfortunately don’t expect these numbers to be very market moving. According to our 10 year analysis of EUR/USD price patterns on Thanksgiving, the average daily range is approximately 60 percent of the usual daily range for the currency pair. More specifically, the EURUSD has had an average daily range of 102 pips over the past 10 years, but on Thanksgiving Day, the average daily range is only 61 pips.
