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EUR/USD Reaches Towards 1.05, Yen Crosses Weigh Range vs Breakout

EUR/USD Reaches Towards 1.05, Yen Crosses Weigh Range vs Breakout

John Kicklighter, Chief Strategist

Talking Points:

• We have passed through a dense 48 hour period of event risk and have entered the void of holiday liquidity

• A clear theme was fed through this past session's data - monetary policy - which intensifies December's listings

• As we await the heavy-hitting event risk of December, range conditions are overriding breakout/trend hopes

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The markets are comfortably numb as the expected liquidity drain temporarily distracts investors from the crash of event risk and market internals starting next week. True to form, the amplitude of risk-based market swings diminished into the Us holiday conditions; and the economic docket ahead has cleared up. That leaves a number of markets and pairs in a lurid position. General fundamental themes behind many seem heavily skewed. Technical boundaries are tantalizingly close. Yet, as appealing as these circumstances are, liquidity will distort and deflate this potential. For those planning on trading through the typical speculative drought, conditions favor ranges rather than strong breakouts or trend development. That may change come next week, but setups that can find traction next week may be better left to next week. We separate pairs that are better suited to current conditions from those that should be left to more active markets ahead in today's Trading Video.

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