• Steady in early trading after closing up 0.5%, as yield spreads tightened

• 10yr bund slipped 0.1bp to 2.259%, 10yr UST closed off 3bp at 3.892%

• There is no tier-one EZ or US data today, so modest moves are expected

• Charts; daily momentum studies 5, 10 & 21-day and week moving averages climb

• 21-day Bollinger bands expand - a strong positive trending setup

• Targets last week's 1.1047 high then the 1.1139 December 27th top

• A close below the rising 1.0908 21-DMA would end the topside bias

• 934mln 1.1000 are the only close strikes for August 19th

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