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Layers of Resistance Having.......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Layers of Resistance
Having closed above 1.1600 on Friday, EURUSD rallied on broad USD weakness
before topping out at 1.1653. The subsequent reversal eased to the $1.1600 level
and will again be key at the close today. Bulls look to re-test earlier highs
where an inverse head-and-shoulders formation is pointing to further gains
towards 1.1700, which marks down trendline resistance from the June high. Above
here targets the 100-dma currently at 1.1768. Bears keep focus on the 1.15 area
to shift momentum back toward the YTD Aug 15 low of 1.1301.

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