EUR/USD has entered a zone of resistance from 1.2720 up to 1.2765 with offers layered all the way up, dealers report, but not in particularly large size. US equities are holding small gains despite very poor economic and corporate news today prompting covering in EUR/JPY and other JOPY crosses. The interesting thing is that USD/JPY remains very well offered prompting big rises in components like EUR/USD and cable. Tough to trade from a fundamental standpoint today with year–end markets very illiquid.