Downside pressure, seen through the.....>

EURO-DOLLAR: Downside pressure, seen through the Asian session, continued in

early Europe allowing rate to clear under reported support between $1.1250/45 to

mark a low of $1.1247. Rate recovered to $1.1286, ECB Draghi was said to have

offered little new from the last ECB meeting, on guidance, TLTROs, risks but was

seen with a slightly more positive tone suggesting a soft patch does not

necessarily foreshadow a serious slump and inflation convergence seen delayed

not derailed. ECB Chief Economist Praet provided a dovish counter, adding that

the Bank is prepared to act if needed. Rate began to ease into the NY open,

picked up momentum and was pressed to a fresh low of $1.1242($1.1241 76.4%

$1.1177-1.1448) before it recovered to $1.1268 through the 1600GMT fix. Below

$1.1240 to expose next support at $1.1225/20 ahead of $1.1200. Resistance

$1.1286, $1.1300.

- Thursday, Germany State CPI's delivered through morning ahead of pan German

CPI at 1300GMT, market median 0.6%mm/1.5%yy.

- EZ M3 money supply and EZ Confidence data also due Wednesday.