EURUSD extended the downtrend to........>

EURO-DOLLAR: EURUSD extended the downtrend to multi-month lows of $1.1118

yesterday. Dip buying off the low briefly rallied through $1.1150, before

drifting into the NY close. The quiet theme spilled over into Asia with volumes

seen light ahead of the Golden Week holiday. EURUSD continued heavy largely held

to a narrow $1.1124-41 range and keeps pressure toward the downside.

- Near-term support is seen at $1.1110 from the May 30 2017 low, expect

protection ahead of the $1.11 level with a break here likely accelerating the

move toward channel base support at $1.1093.

- Larger option expiries at $1.1100(E1.09bn), $1.1160(E1.18bn) which could

feature at the NY cut.

- Very little on the European calendar today with main focus on US GDP at

1230GMT. GDP in the US is expected to decelerate in Q1 to an annualized 2.0%

after a growth rate of 2.2% in Q4 2018. GDP price index grew by 1.7% in the

previous quarter and is expected to pick up to 1.8% in Q1.