For technical analysts, it’s not the news that matters; it is how the markets react to the news that counts. We have been warning that the markets are poised for a “risk-off” phase and the price action over the next few days should provide valuable evidence to see if the bell has been rung on the bear market rally. EUR-USD 1.3322 to 1.3332 is a strong resistance zone and the medium term cycle remains down. The narrow breadth and low volume of the stock market rally continues to be a big warning sign for risk lovers.
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