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EUR/USD has rallied 35 pips thus far....>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD has rallied 35 pips thus far and last deals at $1.1289,
just shy of a fresh Apr high touched earlier today, amidst talk of large EUR/JPY
demand around the Tokyo fix.
- This comes after the rate slipped 21 pips yesterday, mostly on the back of
data-inspired greenback strength.
- Worth noting Fed Chair Powell reportedly said that European economic slowdown
has exceeded Fed's expectations.
- On the technical front, a further squeeze through the 50-DMA at $1.1304 would
bring into play $1.1322, which represents both the 200-WMA and the cloud base.
Meanwhile, bears look for a pullback through the 21-DMA at $1.1276 towards the
broken down trendline from Mar 4 2009, situated at $1.1256.
- EZ industrial output takes focus today, while ECB's Praet will speak in
Washington.

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