EURUSD has operated in a 15 pip range..........>

EURO: EURUSD has operated in a 15 pip range overnight, and last trades virtually

unchanged at ~1.2130.

- Italian elections & slowing economic indicators are presenting headwinds to

the single currency at present, with unrest within Italy's PD party re: a

potential tie up to govern with 5-Star evident over the weekend.

- From a technical perspective EURUSD's lack of follow through on the break of

the 1.2092 weekly support resulted in a bounce back towards initial resistance

on Friday. Oversold daily studies are seen as a key concern for bears. Bulls

continue to look for a close above hourly support from April 26 (1.2144) to gain

breathing room and above the 55-DMA (1.2313) to shift focus higher. While 1.2144

caps bears look for a close below the 200-DMA (1.2011).

- EZ focal points this week include German CPI data, due Monday, EZ GDP due

Wednesday & EZ CPI due Thursday. We will also hear from ECB's Weidmann,

Constancio, Coeure & Hansson through the week.