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New Lows Printed The bearish......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: New Lows Printed
The bearish trend cemented further Monday as the pair hit a new low for the
cycle keeping the focus to the downside. While a modest recovery was seen in NY,
resistance at 1.15 held. Bears now target a close below yesterday's low at at
1.1459 to extend the selloff before challenging 1.1422 which represents the
76.4% retracement of the Aug low - Sep high. Below here opens the Aug 15 ytd low
at 1.1301. Bulls need to close above the 1.1550 level to shift the short-term
focus higher towards the Oct 3 high. Above here would open 1.1600 and the
100-dma at 1.1632.

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