EUR/USD was pressed to a low of.........>

EURO-DOLLAR: EUR/USD was pressed to a low of $1.1204 Monday in what was seen as

a USD led move, helped in part by the release of strong US PMI data(boosting US

stocks, yields), with recovery effort capped at $1.1214 into the close. The

sharp fall in cable at the NY close/Asia open in reaction to another failed

indicative voting session acted to weigh on EUR/USD, took rate down to $1.1199

before buyers emerged to edge it back to $1.1209. With recovery efforts

remaining shallow it kept focus on the downside with rate drifting off through

the session to an extended low of $1.1196 ahead of the European open. Rate has

corrected back to $1.1208 on short covering as Asian market adjust positions for

the European reaction. Minor resistance noted between $1.1209/14, a break of

$1.1220 to expose next resistance band toward $1.1250. Support now seen to

$1.1196, stronger interest suggested between $1.1185/75 ($1.1177 Mar7 low). 

- EZ PPI provides data interest this morning at 0900GMT. ECB Praet to speak in

Frankfurt.