SESSIONS Sessions · February 2026 · ~4 min
The European session: trends start in London
If global markets are a relay, London runs the second leg — the anchor of daylight. The European session (~UTC 07:00–16:00) inherits Asia's calm and injects the largest FX liquidity of the day — on many trending days, the direction is decided within an hour of the London open.
Three traits
- Breakout engine: the range Asia built often breaks on volume at the European open — follow a genuine break and the day is a tailwind;
- The fake-break trap: sweeping one side's stops before reversing is a classic London script; waiting for a closing confirmation beats racing in;
- Home of European currencies: euro, pound and franc enjoy their tightest spreads and cleanest moves now.
Two key windows
The first hour (the fight for direction) and the overlap with New York (the day's liquidity peak). The former sets direction, the latter delivers range — and the "lunchtime lull" between them is often the pullback window.
Further: why the London–New York overlap is the golden window — see the overlap; how the US session extends or reverses Europe's move — see the Americas session.