Eur/Usd: Europe open $1.1844, range....>

EURO SUMMARY: Eur/Usd: Europe open $1.1844, range $1.1809-44, NY open $1.1813,

range $1.1781-$1.1824

* Slow initial reaction to release of stronger than forecast headline German

Factory Orders data, the m/m figure coming in at positive 0.5% from an expected

fall of 0.2%. Rate managed to stretch up to $1.1840 from its pre release level

around $1.1834.

* Fresh sales emerged in Europe which allowed rate to step its way down to a

temporary low of $1.1807.

* Traders reported of decent demand on approach to $1.1800 yesterday ($1.1801 -

Dec5 low), with stops noted on a break.

* Cross plays provided main drive with Eur/Yen heavy (generally stronger Jpy)

and seen weighing on Eur/Usd.

* The pair slipping off post ADP release recovery highs of $1.1824 and broke

intra-day lows of $1.1805.

* Eur/Usd retained a heavy feel in much of NY as the pair edged lower on dollar

strength eventually forming a low of $1.1781.