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Shallow Recovery Despite..........>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Shallow Recovery
Despite improved Services/Composite PMI readings across Europe, recovery efforts
have so far remained shallow and keeps pressure toward the downside. Bears
initially target yesterday's low at 1.1309, a break opens the Feb 19 low at
1.1276 ahead of the Feb 15 ytd low at 1.1234. To regain the upper hand bulls
need to close above the 100-dma at 1.1381 which has proved hard to overcome.
Above here would re-ignite momentum and bring the cloud top & trendline
resistance into view at 1.1419/45.

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