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After failing to hold above $1.1600.....>

EURO-DOLLAR
EURO-DOLLAR: After failing to hold above $1.1600 level, EUR/USD has reversed,
taking out Monday's $1.1530 low and closing just below the level, although the
cross prints ~$1.1535 last.
- Bears now look to the YtD low ($1.1509), while bulls need to reclaim
$1.1628/38 (week's high and 50% retracement level of recent decline) to mount a
challenge on $1.1656, which is seen as the next hurdle before the outlook can
turn positive. EUR/GBP sub-GBP0.9000 has also added further weight.
- EZ GDP & CPI headline data out of the region next week, although the readings
will represent a second look at both figures. The German ZEW survey is also due
next week.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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