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EURO-DOLLAR: After a brief foray below 1.2100 EURUSD last trades 5 pips or so
higher at 1.2110. The 2 sources pieces released since the ECB MonPol decision
have come down on the hawkish side (although they have offered little fresh
insight), but not been able to override the cautious theme of Draghi's press
- A north Asian name was touted as the driving force behind the earlier, brief &
limited dip to 1.2097.
- It is worth noting that some large banks including Barclays & Morgan Stanley
have recommended bearish EURUSD expressions in the wake of the ECB MonPol
- From a technical perspective, pressure is on the key 1.2092 weekly support,
while the 200-DMA lies below at 1.2008. Layers of resistance continue to
accumulate and weigh but oversold studies are now a concern. Bulls need a close
above Thursday's hourly support (1.2144) to gain breathing room.
- French CPI & GDP data will hit on Friday, as well as German labour market data
& EZ consumer confidence, with ECB's Mersch & Lautenschlaeger also set to speak.