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Bounce Looks Shallow After......>

EURO-STERLING TECHS: Bounce Looks Shallow
After dipping below 0.85 in early Asia-Pac trade the cross bounced nicely,
finding some support ahead of YTD lows. The broader downtrend remains intact
following Friday's firmer GBP and a close below 0.85 would open the YTD lows
printed in mid-March at 0.8473. Any fall through here would see key Fib support
tested at the 0.8469 level, marking the 38.2% retracement of the 0.6938 - 0.9415
range. To the upside, bulls need to recover the 55-dma at 0.8602 before
returning the focus to the Apr 23 high and 0.8700 level.

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