Rate marked a fresh 2018 low at.........>

EURO-DOLLAR: Rate marked a fresh 2018 low at $1.1717 Monday before it recovered

to $1.1779 in early NY trade. A dip to $1.1743 attracted further demand as rate

lifted to $1.1796 into the close. Early Asia (thinned due to holidays in some

centres) managed to mark an extended recovery high of $1.1797 but again

struggled to bring pressure to bear on $1.1800. Rate then drifted lower through

the balance of the session to $1.1774 picking up fresh demand interest into

early Europe. Rate currently holds around $1.1780. Some tech traders had

highlighted the $1.1709 level as major support(38.2% $1.0341-1.2555), failure to

challenge could have prompted some profit taking after recent pullback from the

May14 high of $1.1996. Traders noted good interest Monday to buy Jun4 $1.1823

calls, E1.5bn reported to have been transacted. Italy politics remains a focus

with main data interest seen for Wednesday and the release of flash PMI data.

Resistance suggested between $1.1800-25, main support remains from $1.1717

through to $1.1700 and covering that mentioned $1.1709 tech level.