Trading Times

The best time to trade is when New York and European markets are open. That’s about 3am to 8am. Volatility makes this market uncontrollable -a big fish can move a little pond.
The European session becomes active around 3 am EST and remains active in conjunction with the US banking hours until around 12 pm EST. Most breakouts and breakdowns occur during these banking hours. These trading hours should be used as a general guideline when considering a new position.

Asian Session (7PM-4 AM)
European Session (2AM-12PM)
US Session (8AM-5 PM)
Europe (3AM-12PM)
US Europe Overlap (8AM-12PM)
Europe-Asian Overlap (2AM-4 AM)

If I see the EUR/USD trade to new highs or new lows during the off-peak hours, I look for signs this break in the range will not last.
On the other hand, the EUR/USD and USD/CHF have one of the strongest correlations between any two-currency pairs. As the CHF moves very closely with the price of Gold, the EUR has acted as the “anti-dollar” in recent times, which places these two pairs almost exactly opposite to each other. This can be a very useful tool to use by traders on a long as well as short-term basis.