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Following yesterday's fireworks,........>

EURO-DOLLAR
EURO-DOLLAR: Following yesterday's fireworks, EURUSD witnessed an uninspiring
session overnight tied to a very narrow $1.1351-72 range. There are some large
option expiries today at $1.1360(E947mn) & $1.1400(E1.69bn) which could keep the
pair contained, but once again headlines are expected to drive. The $1.1450 area
remains key on the topside, a break here would likely accelerate the move
opening the 100-dma at $1.1507. Downside support remains on approach to $1.1300
($1.1306 - Nov30 low). The main highlight on the calendar this morning is German
ZEW data at 1000GMT where Current Expectations are expected to worsen from -24.1
to -26.0. EURUSD last $1.1363.

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