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EURUSD recovered off pullback lows of...>

EURO-DOLLAR
EURO-DOLLAR: EURUSD recovered off pullback lows of $1.1145 yesterday, the
release of soft US PCE data triggered broad dollar sales to close around
$1.1185. Volumes once again remained light through Asia with the rate
consolidating in a narrow $1.1179-93 range.
- Resistance is reported on approach to the $1.1200 level, with a break here
needed to challenge the 50% retracement of $1.1324-1.1112 & 21-dma at
$1.1218/32.
- Support remains at $1.1140/45, ahead of the ytd low at $1.1112.
- Focus today on month-end flow with bank models suggesting moderate to strong
dollar selling.
- Tuesday sees a busy start in terms of European data releases. The highlights
are flash GDP for France, Spain, EZ and Italy at 0630, 0800, 1000 and 1100BST
respectively. German state & national CPI also due up today. 

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