*Jul27 Euro-open $1.1734, range........>

EURO SUMMARY: *Jul27 Euro-open $1.1734, range $1.1721 to $1.1777

*Euro-dollar opened in Asia at the upper side of Wednesday's range, where a

perceived dovish FOMC statement encouraged broad-based US dollar weakness

*After making a new high at $1.1748 in early trade, profit-sales then triggered

a move to $1.1721. 

*From there, widespread dollar frailty again took hold, the euro edged to

$1.1748 before pausing

*Stops were then triggered above $1.1750 to see the euro vault to $1.1777 before

fading

*Dips were held to $1.1553 and heading toward the London open the euro trades at

$1.1760

*Resistance is now seen at $1.1795/98, the level marks a 4-month bull channel

projection and 200-wma, with no close above since Jul 2014, while hourly support

is located at $1.1721.

*German Gfk Consumer Confidence data is the initial focus for the session ahead