*Nov27 Euro-dollar open $1.1931,.......>

EURO SUMMARY: *Nov27 Euro-dollar open $1.1931, range $1.1912 to $1.1944

*Euro opened the new week toward the upper side of Friday's $1.1837 to $1.1944

range, where hopes that Merkel will be able to form a governing coalition, a

softer US dollar and robust German IFO data, all combined to place the euro on

the front foot.

*Demand early in the piece saw the euro edge higher from near $1.1926 to $1.1944

*Failure to make a new high saw a move back down to $1.1926. 

*Euro-yen supply, on a modest risk-off theme amid weaker regional equities,

pushed the euro down from around $1.1930 to $1.1912 before meeting demand.

*Upticks stalled at $1.1929 and for the balance of the session the euro edged

lower to $1.1922

*Above $1.1944 resistance is seen at $1.1965 (76.4% fib $1.2092-$1.1554

decline), while below Asia's $1.1912 low support is located at $1.1904 (38.2%

fib on Friday's move).