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Back Under 1.1700 Despite.........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Back Under 1.1700
Despite dipping back under 1.1700 the short-term outlook remains neutral. Bulls
need a break of trendline resistance & the Aug 28 high at 1.1712/33 to bring the
key 1.1750 area into view, a level that previously held six times in July. Above
here would provide fresh impetus and trigger a large inverse head-and-shoulders
formation. Bears need a close below the 100-dma & 1.1600 to shift focus back to
the downside, suggesting a resumption of weakness towards the ytd low at 1.1301.

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