Session overlap
When two major sessions are open at once. The London–New York overlap is the most liquid and often the most volatile period of the day.
With real data
Average range by session, EUR/USD (last 12 months)
- Asian
- 24 pips
- London
- 45 pips
- New York
- 43 pips
Calculated from price data up to 6 October 2026.
In practice
Between roughly 12:00 and 16:00 UTC, London and New York are both open. Major pairs such as EUR/USD often produce a large share of the day’s range in that window.
Expecting the same behaviour in the late New York session, when liquidity thins and moves often fade.
Related terms
Trading session
The active hours of a major financial centre. Forex is usually…
London session
European trading hours, roughly 08:00–17:00 London time, and the…
New York session
US trading hours, roughly 08:00–17:00 New York time, when most US…
Asian range
The high and low set during the quieter Asian session. Some…
Daily close
The end of the trading day, at 17:00 New York time for forex.…
London open
The start of European trading, often bringing a burst of volume…