The hills are alive with the sound of ….

…footsteps.

Traders are heading for the hills as fast as they can, anxious to avoid getting caught-out again in thin summer-Friday markets. This will only exacerbate illiquidity further.

EUR/USD squeezed as high as 1.2257 before relenting and now trades at 1.2237.

I’d imagine pretty narrow range trade for the balance of the session. Bids are seen in the 1.2220 region near-term while sell orders are seen from 1.2265 on up to 1.2300.