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Back Under 1.1700 Failure to......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Back Under 1.1700
Failure to overcome the 100-dma at 1.1755 yesterday has seen EURUSD retrace
gains with a move back under 1.1700. It's worth noting the pair hasn't managed
to break and close above the level since December last year, which was followed
by a rally of as much as 6%. Bears need to see a close back below 1.16 to take
the pressure off and focus on the 1.15 area, shifting momentum back toward the
YTD Aug 15 low of 1.1301. The July 31 high provides initial resistance at
1.1746, a break here and the inverse head-and-shoulder formation renews the
bullish trend opening the potential for a move to 1.19.

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