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Eur/Usd: Asia open $1.1898, range......>

EURO SUMMARY
MNI (London)
EURO SUMMARY: Eur/Usd: Asia open $1.1898, range $1.1891-1.1909. Europe open
$1.1902, range $1.1885-1.1920
* Corrective pullback from Monday high of $1.1961 touched $1.1896 ahead of the
close. 
* Usd short positioning looked stretched and some unwinding prompted by stronger
than forecast US housing data.
* Hawkish comments from Powell and Dudley also aided the corrective pullback.
* Rate saw an extended low of $1.1891 into Asia before rate recovered but
reported offers at $1.1909 capped.
* Early Europe extended topside to $1.1911 before rate fell back to $1.1885.
* Initial recovery faltered at $1.1900 before another wave of demand lifted it
on to $1.1920. 
* Rate then eased off, dropped back below $1.1900 before it found fresh support
around the $1.1890 level. 
* Support $1.1880, $1.1860, stops below. Resistance $1.1920. 
* Powell in front of the Senate Banking Committee 1500GMT. Q&A in focus. 
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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