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EUR/USD has slipped to lows as..........>

EURO-DOLLAR
EURO-DOLLAR: EUR/USD has slipped to lows as European traders start to arrive,
last $1.1678, as the USD edges higher, perhaps in reaction to the softness in
the yuan that was observed overnight.
- July 09's hourly resistance ($1.1765) reconfirmed its significance with it
capping to start the new week. Bulls need a close above the level to confirm
traction above the 55-DMA ($1.1704) and ease bearish pressure. Bears now need a
close below the July 19 high ($1.1678), where we trade last, to gain breathing
room and below hourly support from July 20 ($1.1625) to return focus to YtD
lows.
- Today's flash EZ PMIs provide the focal point for traders this week ahead of
Thursday's ECB MonPol decision.
- Nearby FX option expiries of note at today's 10AM NY cut: $1.1665(E1.03bn),
$1.1690-1.1700(E812mn)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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