EUR/USD failed to breach $1.1700 on.....>

EURO-DOLLAR: EUR/USD failed to breach $1.1700 on Wednesday after gaining some

traction following the marginal miss in m/m U.S. CPI.

- The minutes from the ECB's latest meeting shed little further light on the

timing of the next ECB rate hike & gave no evidence of any internal split on the

'through the summer' language employed.

- The rate peaked at $1.1696 on Wednesday, which offers the initial point of

resistance, followed by the 61.8% retracement of the move from $1.1758 to

$1.1650 & the 50-DMA ($1.1717/22). Modest USD strength in early Asia dealing saw

a low of $1.1655, with support seen just below at the 21-DMA ($1.1651), a break

would open up a move to the July 04 low ($1.1627).