The NY session was rather lackluster as markets mostly consolidated following the US dollar bashing overnight. US equity marts rose about as much has futures had anticipated but underperformed their European counterparts, rising just 0.7% on the day. Testament to the USD consolidation was the price action in EUR/USD which opened the session at 1.4784 and was sitting a couple of pips above that at last look. The pair made another attempt for the 1.4825 option barrier but came just short, putting in a session high of 1.4815. The pair looks to be coiling up in an hourly pennant formation and a breakout to 1.49 cannot be ruled out by the technicals. Full text »
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