Preparing for a break from range trading

BACKGROUND: Euro/dollar declined sharply and steadily at the start of the year. This downtrend seemed to signal that trending markets would continue their domination that started in 2002. However, those hopes were quickly dashed by a series of fake breakouts and chart formations that failed to reach their targets.

This directionless trading translated into a choppy market that reduced the trading range from approximately 1,165 pips in the first quarter to only about 500 pips by the beginning of

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