EURUSD extends the recovery to..........>

EURO-DOLLAR: EURUSD extends the recovery to $1.1251 with added support via the

crosses. Rate holds firm at typing with next resistance seen around $1.1265/70

from the broken down trendline from Mar 4 2009, 100-hma, Feb 11 low & 38.2% fibo

of $1.1420-1.1177. A reminder of the very large expiries for today's NY cut.

$1.1300(E1.38bn), $1.1320(E1.36bn).

- CitiFX have decided to establish a short EURUSD position at $1.1234 looking

for a move to $1.11 initially and possibly lower towards $1.0864. The stop loss

is at $1.1340 and we are using 20% of capital.

Citi add, EURUSD is no longer trading on the $1.13 or $1.14 handle and the

recent moves towards the end of last week are beginning to look like a bearish

break. The trendline across the lows on the chart below comes in just above

$1.11 (and downward sloping) and a breach of that would likely open the way for

$1.0864 which is the 76.4% Fibo of the whole rally form the 2017 low.

- Barclays still advocate a strategic short EURUSD stance based on the weaker

growth outlook and rising risks in euro area, which should push down the EURUSD

breaking into new lows.