Market Update : Both EUR and GBP continue to exhibit typical shake-out games while some of the other majors are trading in more normal fashion. The EUR/USD finally blew the top off 1.3000 and has quickly failed. This may be evidence that Chinese and Japanese pledges to buy European debt are not enough to assuage fears of sovereign defaults. The AUD is finding a bit of support and may be due for a bounce if the rally in oil sparks another push higher in metals. USD/JPY has spent the last week consolidating on top of its 20-, 50- and 100-day moving averages, which have all converged. This shows great indecision regarding the next move. We have both majors and crosses on our Radar, as we continue to search for high probability set-ups.

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