Rate recovered off its Monday low of....>

EURO-DOLLAR: Rate recovered off its Monday low of $1.2369 to $1.2416 before

stalling with rate through Asia able to gradually pare back those gains, the

rate touching a low of $1.2375 ahead of the European open. The Usd generally

seen trading firm though markets to await the return of US markets, from their

long weekend holiday for next main directional impetus. Many reports suggest

this current Usd strength seen purely corrective, most looking for a decent

short Usd re entry level. EZ domestic focus this morning turns to Germany ZEW at

1000GMT, median 93.90 for current situation, 16.00 for economic sentiment. 

* Support $1.2375/65, stronger toward $1.2340. Resistance $1.2412, $1.2435/40. 

* Option expiries of note for today's NY cut, $1.2365(E551mn), $1.2400(E900mn),

$1.2425(E432mn), $1.2500(E795mn)