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Downtrend Resumes Having closed...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Downtrend Resumes
Having closed below the 100-dma yesterday, Italian budget concerns dent risk
appetite to keep the recent downtrend intact. Bears are firmly in control
suggesting a resumption of weakness towards the Sep 10 low at 1.1526, below here
opens the ytd low at 1.1301. Bulls need a break back above 1.1800 to regain the
upper hand, targeting the June 14 high at 1.1851 ahead of the 50% retracement
(Feb high - Aug low) & 200-dma at 1.1928/44.

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