*Aug16 Euro-dollar open $1.1735,.......>

EURO SUMMARY: *Aug16 Euro-dollar open $1.1735, range $1.1730 to $1.1746

*Euro opened in Asia toward the middle of the $1.1687 to $1.1793 range witnessed

yesterday, where after dropping to $1.1687 following strong US economic data,

demand in euro-yen surfaced to underpin the single currency.

*In what was a largely inactive session, euro-dollar rose from $1.1730 to

$1.1746 on euro-yen demand. Once that interest dried up consolidation became the

theme, the euro held a $1.1735 to $1.1742 range ahead of the European open.

*Initial resistance lies at $1.1748 (38.2% $1.1847-$1.1687 decline), a break

opens $1.1767 (50% on the same move), while support is found at $1.1689/87

(Aug9-15 lows).

*The session(s) ahead promises to be a much more active affair, Eurozone Q2 GDP,

US Housing Starts and Building Permits, followed by FOMC minutes towards the end

of the day.