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Pressure on USD took EUR/USD to an......>

EURO-DOLLAR: Pressure on USD took EUR/USD to an extended recovery high of
$1.1655 on Thursday, but upside momentum quickly faded as JPY strength drove
EUR/JPY lower, with added sales through the London fix. EUR/USD then stabilised
and last deals at ~$1.1625.
- Consolidation above $1.1600 and the 50-DMA shifts the short-term outlook in
favour of the bulls. Focus returns to the 100-DMA ($1.1712) & Aug 28 high
($1.1733). Bears need to close back below $1.1600 to resume the downtrend with
$1.1500 seen as the next key support area.
- EZ focus on Friday turns to EZ final GDP readings & German Industrial
production data.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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