Buoyed Above $1.1700 in NY

Corrective pullback away from Monday's high of $1.1781 extended to $1.1699 in
early Europe before recovering to $1.1743 into NY. Fresh sales knocked rate
back to $1.1700, where it again met decent support.
Rate then bounced to $1.1742 before another round of selling emerged,
on suggested fix interest, which eased it down to $1.1708.
EUR cross sales added to the downside pressure, EUR/CHF paring most
of Monday's gains, whilst EUR/GBP eased back below its 10-dma.
EUR/JPY squeezed back toward Y123.00 on generally strong JPY.
EUR/USD bounced to $1.1730 through the fix, extending recovery, off
a post fix low of $1.1713 to $1.1737 ahead of the Europe close.
Wednesday brings possible US corporate month-end USD demand(seen
last 3-months), due to Friday July31 value date.
Month-end models suggest USD sales to be seen.
FOMC tomorrow 1900BST. Expectations low, market focus on Sep meeting.
Support $1.1700, $1.1680. Resistance $1.1740/50, $1.1780/00.