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Breaking Lower Failure to.........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Breaking Lower
Failure to overcome 1.1800 yesterday and the subsequent reversal through 1.1700
on Italian budget concerns has seen the short-term outlook turn neutral. A close
below neckline support at 1.1724 re-opens the 100-dma at 1.1657. A break below
here is needed to shift the focus back to the downside, suggesting a resumption
of weakness towards the Sep 10 low at 1.1526. Bulls need to reclaim the 1.1800
level to regain control, targeting the June 14 high at 1.1851 ahead of the 50%
retracement (Feb high - Aug low) & 200-dma at 1.1928/45.

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