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Rally Stalls After breaking.......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rally Stalls
After breaking above down trendline resistance yesterday, EURUSD has dropped
back below 1.17, failing to overcome the 100-dma at 1.1755. The pair hasn't
managed to break and close above this level since December last year, which was
followed by a rally of as much as 6%. The rally continues to gain traction with
an inverse head-and-shoulder formation pointing to a potential move to 1.19. The
July 31 high provides next resistance at 1.1746. Bears need to see a close back
below 1.16 to take the pressure off and allow them to focus on the 1.15 area to
shift momentum back toward the YTD Aug 15 low of 1.1301.

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