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EURO-DOLLAR TECHS: Weak Close But Support Holds
EURUSD briefly broke above 1.18 yesterday before losing steam but while ever
support at 1.1724 remains intact the bullish pattern remains in place. Near-term
resistance comes in at 1.1851 from the June 14 high and a break targets the 50%
retracement (Feb high - Aug low) & 200-dma resistance levels at 1.1928/47. A
close below neckline support at 1.1724 would open the 100-dma at 1.1660. A break
back below here is need to shift the focus back to the downside, suggesting a
resumption of weakness towards the Sep 10 low at 1.1526.