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Bears Focus on 1.15 Italian.......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Bears Focus on 1.15
Italian budget concerns keep the recent downtrend intact with bears focus
turning to the 1.1500 level. A break below here opens the 76.4% retracement of
the Aug low - Sep high at 1.1422, ahead of the ytd low at 1.1301 and extends the
broader bearish outlook. Bulls initially need to reclaim the 100-dma at 1.1647,
before targeting the 1.1800 level. Above here opens the June 14 high at $1.1851,
ahead of the 50% retracement (Feb high - Aug low) & 200-dma at 1.1928/41.

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