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Breaking Bullish Down trendline...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Breaking Bullish
Down trendline resistance from the June 14 peak is giving way as EURUSD heads to
1.17. The rally continues to gain momentum with an inverse head-and-shoulder
formation pointing to a potential move to 1.19. The July 31 highs at 1.1746 will
be the next obstacle to overcome, but bulls clearly have the upper hand. Bears
need to see a close back below 1.16 to take the pressure off and allow them to
focus on the 1.15 area to shift momentum back toward the YTD Aug 15 low of
1.1301.

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