The past few weeks of European headline silence has allowed players to squeeze short positioned markets higher knowing that the usual drip feed of negative information would be noticeably absent over the holiday break. This has swung the pendulum back a tad and has seen a re-balancing the books, however as the leaders and market liquidity returns we are likely to see resistance levels harder to break especially since the only change to the situation fundamentally in Europe is that we are approaching that same can that we kicked down the road a few weeks back.
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