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Shallow Recovery Weak EZ PMI......>

EURO-DOLLAR TECHS
EURO-DOLLAR TECHS: Shallow Recovery
Weak EZ PMI data was the catalyst through the European morning to take the rate
back under 1.13. Recovery efforts have so far held shallow and keeps the
downtrend intact with near-term focus on broken trendline support & Mar 12 low
at 1.1263/45. Below here opens a run at the ytd low of 1.1177. Bulls need to
recover the 100-dma & broken trendline resistance at 1.1367/79. Consolidation
above 1.14 would cement the uptrend, opening the Mar 20 high at 1.1448.

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