EURUSD moved higher overnight, adding...>

EURO-DOLLAR: EURUSD moved higher overnight, adding 10 pips, to last sit at

1.2412, although the cross operated in a tight range.

-  A failure to capitalise on Monday's gains will be a concern for bulls, with

Tuesday's sub-1.2417 close easing bullish pressure. Bears now look for a close

below the 55-DMA (1.2328) to shift initial focus back to 1.2193-1.2240 where the

bull channel base is noted. Bulls need a close above 1.2433 to gain breathing

room and above the Mar 27 high (1.2477) to retain focus on $1.2555-1.2625 where

the LT bear channel top off 2008 highs is located.

- A lack of tier one economic data and the presence of large option expiries at

today's 10AM NY cut may limit price action. Notable strikes include EUR 1.6bln

to roll off at 1.2400, EUR 1.03bln to roll off at 1.2430-35 & EUR 946mln to roll

off at 1.2450.