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Opened in Asia towards the lower side...>

EURO-DOLLAR
EURO-DOLLAR: Opened in Asia towards the lower side of yesterday's $1.1771 to
$1.1863 range, where after a choppy session, the euro was placed on the
defensive after the ECB forecasts for inflation disappointed, positioning was
also a factor. There is no significant data or schedule events in Asia to
influence direction, traders expect sideways consolidation heading towards the
European open. In option space, there is a large expiry for today at $1.1800
(E2.86bn), that may act to contain the near-term range. Support is located at
$1.1760 (55-dma), while hourly resistance is found at $1.1801. 

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