Bank of America talking about the 'moment of truth' for this market rings true to me. Everywhere I look, there are charts that are bending but not quite breaking.
There is a small bounce in equities at the moment and the euro is tracking the same sentiment. It touched a marginal new five-week low today but only for a short time. Now the pair is battling back into the two month range around 1.18.
I can certainly see the chart as a top but we need a drop below 1.17 to confirm it. Until then, this may just be another blip in the radar.
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