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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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EURO-DOLLAR: EUR/USD last deals at unchanged levels ($1.1680), holding to a 20
pip range thus far.
- Monday saw the rate benefit from the softer USD tone, although it failed to
trade above $1.1700 after basing ahead of the 21-DMA. There was little reaction
to comments from ECB's Coeure and an in line final EZ CPI release on Monday.
- The pair's close above the 100-DMA brings down trendline resistance from the
July high into view, a break of the Aug 28 high ($1.1733) and $1.1750 level
would provide fresh bullish impetus and trigger a large inverse
head-and-shoulders formation. Bears now need a close below $1.1600 to shift
focus back to the downside.
- Participants now look to addresses from ECB's Villeroy & Draghi due later
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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