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1.18 The Next Upside Target A.....>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: 1.18 The Next Upside Target
A large inverse head-and-shoulders formation is in the offing following the
break above 1.1750 yesterday, with 1.1800 the next upside target ahead of the
June 14 high at $1.1851. Above here targets the 50% retracement (Feb high - Aug
low) & 200-dma resistance levels at 1.1928/47. Bears need a close below the
100-dma at 1.1663 to shift focus back to the downside, suggesting a resumption
of weakness towards the ytd low at 1.1301.

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