Ahead of the event risk later today, recent ranging conditions are expected to persist. Beyond that we will be monitoring important range extremes for the next directional move. A break over 1208 in S&P would indicate an optimistic outcome, as would a break below the important range lows at 73.42 in the USD index. For now, however, we expect the ranges to hold, especially where technical indicators such as momentum in EUR/GBP are reaching extremes.
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