### - POV2 - ECB Draghi provided a......>

EURO-DOLLAR: ### - POV2 - ECB Draghi provided a purely academic speech in Lindau

but any negative disappointment response more than compensated for by the

release of strong Germany flash Manufacturing data. Rate touched a pre Draghi

speech low of $1.1740 then spiked on to an eventual high of $1.1790 on PMI

react. Attention will now switch to Jackson Hole with appearances from Fed

Yellen and ECB Draghi. Suggestion/reported hope Yellen could repeat recent Fed

Dudley hawkish comments. ECB Draghi will be watched for any hint for a tapering

of QE and/or reference to recent strength of the Eur. Technical traders note

that Eur/Usd has moved into overbought and suggest tentative fading into

$1.1795/1.1800, and/or $1.1825, placing a stops above $1.1855. Technical

resistance level at $1.1828, and more importantly $1.1847, seen needed to give

way to boost upside potential. One seasoned trader has likened the Eur in

current market to a beach ball that when pressed under the surface of a pool

will bounce back stronger when released.