Earlier break below the European........>

EURO-DOLLAR: Earlier break below the European morning low of $1.1422 in early

NY, seen as a follow on reaction to release of softer than forecast Germany CPI

(no pre indication for this as state CPI's have been delayed until Feb21 due to

a change in the base year). Break saw sales pick up momentum before it met

decent demand into the mentioned $1.1411/05 support area, finding a base at

$1.1406. Talk suggests support into $1.1400 to provide some cushioning, a break

of $1.1390 to open a deeper move toward $1.1350. Resistance remains into the

$1.1450 level(earlier high and Jan29 high), a break here to place short term

spec short positions under pressure. Next tech resistance $1.1463(61.8%

1.1570-1.1290) though likely that traders may look to fade from around $1.1470

through to $1.1500. FOMC to provide directional drivers, rate decision at

1900GMT(no change widely expected), Powell press conference at 1930GMT to

provide clues on rate path.