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Talking Points:

• Immediately after its break below 1.3500, EURUSD has reverted to extreme levels of inactivity

• The S&P 500's slow melt up a distinct contrast to our Risk-Reward Indicator

• A NZDUSD tumble is costly and GBPUSD's rally may soon adopt the same designation

Download the Consecutive Bar Indicator used in today's video for free and use it to measure the historical significance and over-extended level of the markets.

The unsettling calm that we have grown used to in 2014 has once again settled over the market. However, there are is enough turmoil below the surface that traders are not willing to set their trading on cruise control. From benchmarks like the S&P 500, the slow advance looks like bait on a hook as other sentiment measures struggle and the Risk-Reward Indicator extends its tumble. Meanwhile, rate speculation is evolving. The volatility from the New Zealand and Australian dollar is still throbbing, the ECB stimulus push now finds the Euro dangerously quiet after a critical break, the USDollar is facing serious event risk next week, and the British Pound faces an immediate threat to its pristine rate forecast in the form of the UK 2Q GDP release due today. We discuss all of this in today's Trading Video.

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