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EU Growth Forecast Cuts Pressure.....>

EURO-YEN TECHS: EU Growth Forecast Cuts Pressure The Euro
EURJPY remains firmly under the 124 level after the European Commission cut
growth forecasts. A close below the 50% retracement of the 2016 lows to the 2018
highs at 123.72 would trigger fresh bearish signals. This would bring the May 6
low back into view at 123.36, ahead of a run at the 123.00 level. Bulls need to
clear 124, before targeting yesterday's high at 124.30. While a topside break of
125.00 puts the focus back on the 125.30-60 zone which holds the 100-dma, 50%
retracement of the Apr fall & previous series of highs.

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