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Impressive Bounce from............>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Impressive Bounce from Multi-year Lows
A combination of soft European data and broad-based dollar demand pressured
EURUSD through 1.1110 to print its lowest levels since May 2017. An impressive
recovery soon followed, with the rally stopping just shy of the Wednesday high.
Despite this, the underlying tone remains heavy with next support seen on
approach to 1.11. A break here is likely to accelerate any move toward the May
18 2017 low at 1.1076, ahead of trendline support off the Nov 7 2017 low at
1.1048. Bulls need to clear the 21-dma & May 21 high at 1.1184/88 to improve the
outlook. Above here opens down trendline resistance off the Jan high & 55-dma at
1.1237.

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