What Goes Up Must Come Down.......>

EURO-DOLLAR TECHS: What Goes Up Must Come Down

After spiking higher earlier this morning as the BTP market opened, reaching

1.1550 (the 61.8% MTD retracement), EURUSD reversed its gains as BTP-Bund

spreads re-widened. To maintain downward momentum, bears need to break below the

50% Fibo support (from 2016 lows) and the the Oct 9 lows at 1.1448/32 and (from

2016 lows). Below here would open up a move lower to the August lows at 1.1301.

Conversely, bulls need to initially recover 1.1550 before 1.1600 is challenged

to change the short-term downtrend. The next level higher is the 100-dma &

1.618% swing target at 1.1621/32.