In the recent market conditions, the average liquidity for EUR/USD is highest around London close and New York open. This is similar to pre-COVID market conditions.
We notice an immediate and sharp drop in recent liquidity around Sydney open (between 22:00 and 23:00 GMT), relative to pre-COVID market conditions.
Liquidity in EUR/USD also drops off sharply between 21:00 and 22:00 GMT (going into New York close) in the recent market conditions, relative to pre-COVID market conditions.