Another Recovery Through the Fix

After easing away from Friday's extended high of $1.1909 (seen in the Asia/Europe transition) EUR/USD managed to touch a low of $1.1696 Monday before running into decent dip demand. Of note, since Friday the rate has found buy interest emerge which has lifted it through the 1600BST fix. Rate today saw a high of $1.1806 during the European morning before it slipped back to $1.1721 in early NY only to edge back to $1.1784 into the Europe close. Resistance remains above $1.1800, stronger toward $1.1830 and into $1.1850/60, a break above this latter area to expose the recent $1.1909 high. Support remains into $1.1720, stronger at and below $1.1700, and also between $1.1670/50. Buy dips remains the favoured play, though reservations are voiced due to the August holiday month. Wednesday brings Final services and Composite PMI's in the EZ, then Retails Sales. US ADP Jobs data ahead of Friday's NFP will be in focus. Trade and non-Mfg ISM also provide interest.