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Rebound Fails To Hold 1.1611/14...>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Rebound Fails To Hold 1.1611/14
The EURUSD recovery briefly spiked above the key 1.1611/14 resistance area (Aug
3 spike high and 38.2% retracement level of recent decline) before reversing
sharply lower in early European trading. This is still consistent with the
recent rebound being a correction. A move below 1.1564 triggers a renewed
bearish signal, returning the focus to the downside. A close below 1.1525/30
adds weight to the bearish scenario. A break below the YTD low of 1.1509 resumes
the longer-term downtrend. A break above 1.1656 would still be required to shift
the outlook positive.

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