Positive risk outlook, driven by the....>

EURO-DOLLAR: Positive risk outlook, driven by the positive reaction in equity

markets to the global easing in COVID-19 restrictions, allowed EUR/USD to extend

its recovery off Friday's low of $1.0871 to $1.0996 during the NY afternoon

before closing the day around $1.0982. However, the transition into Asia trade

was seen reacting to a sour note provided by some late NY headlines concerning

the US and China, which led to the S&P 500 close back below 3000. This in turn

bruised the recent positive risk outlook and took EUR/USD off its early high of

$1.0985 to a low ahead of Europe of $1.0953. Risk remains a key driver for

market direction. For today focus will turn to the EU Commission presentation of

it's recovery fund proposal from around 1230BST. Ahead of this ECB Lagarde is

due to speak at 0830BST in a Ask ECB event. ECB Guindos speaks at 0930BST, ECB

Enria at 1200BST. US speakers include Fed Bullard and Bostic in an otherwise

data light calendar. US Beige Book released at 1900BST. 

- Support $1.0948(38.2% $1.0871-1.0996), $1.0934(50%), $1.0919(61.8%).

Resistance $1.0985, $1.0996-1.1000, $1.1008/18.