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Momentum Lacking Above 1.16 The...>

EURO-DOLLAR TECHS: Momentum Lacking Above 1.16
The rate topped out at 1.1599 Thursday and managed to briefly break above the
mark in early Friday trade. Nonetheless, momentum was lacking on the break and
the rate quickly corrected down to the mid 1.15's. The 50-dma has given way and
the 100-dma lies at 1.1629, above which would be particularly constructive for
the medium-term view. Bears, on the other hand, eye a break below Monday's low
of 1.1459 to extend the recent sell-off and target October lows of 1.1432.

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