Rate recovered off its Wednesday,.......>

EURO-DOLLAR: Rate recovered off its Wednesday, post 1600GMT fix low of $1.0802

as markets adjusted positions ahead of expected measures to be announced

following reports of an emergency ECB call. Rate edged back to $1.0915 at the

close. Announcement of a E750bln package (Pandemic Emergency Purchase

Programme-PEPP) saw rate spike to $1.0981 as move provided some risk off relief

but effects proved short lived as the demand for USD's quickly countered. Rate

eased to $1.0878 before finding support, recovery allowed rate to nudge back

above $1.0900 before early Europe took it up to $1.0948. Volatility reigns, with

the underlying demand for USD's ready to emerge into any USD dip. 

- Light data calendar for the EZ, EU Const. prod. at 1000GMT.US Phila Fed,

Jobless Claims Current Account Balance at 1230GMT.

- MNI Techs: EURUSD resumed its sharp downtrend Wednesday trading to a low of

1.0802. Outlook remains bearish, focus shifts to the next key support at

$1.0778, Feb20 low. A break would reinforce bearish conditions and expose

$1.0682, Apr21 2017 low. Given scale of sell-off, $1.0570, Apr10 2017 low could

be achieved relatively soon. 1.1048 seen as firm resistance.