Failure Monday for rate to nudge that...>

EURO-DOLLAR: Failure Monday for rate to nudge that bit further to challenge

Friday's high of $1.1324, the rate faltering at $1.1321, prompted mild profit

take covering that eased it back to $1.1298 before it settled back above $1.1300

through to the close. Risk appetite continues to buoy the rate and helped it to

edge to an early high in Asia of $1.1307. Release of dovish RBA Minutes weighed

heavily on the AUD which in turn influenced EUR/USD down to $1.1293 but buyers

emerged to take advantage of the dip, edging it back to $1.1306 into Europe.

Main resistance remains between $1.1321/31, a break to expose stronger area

between $1.1340/50. Support remains at $1.1293 (earlier low and Friday's NY low

ahead of the close). 

- EZ focus this week turns to German ZEW survey due later today, CPI data from

across the EZ due Wednesday, as well as flash EZ, French & German m'fing PMIs

due Thursday. ECB's Nowotny will speak later today, while his ECB colleagues

Villeroy and Lautenschlaeger will make addresses on Wednesday.