Reaction to a BBG headline that the.....>

EURO-DOLLAR: Reaction to a BBG headline that the ECB are said to be cutting

their outlook by enough to warrant "new loans" - presumably further TLTRO

operations, saw EUR/USD drop from around $1.1315, through the earlier lows of

$1.1290 to post a fresh intraday low of $1.1286. Release of a strong upside

revision in ADP employment data also added to the USD upswing.  Technical

traders had earlier highlighted the $1.1287 level as providing support. Rate

recovered, touched a high of $1.1325 at the 1600GMT fix before it settled back

around $1.1310. Focus Thursday firmly on the ECB, especially ECB Draghi's press

conference and any reference to TLTRO's. Support remains at $1.1286 ahead of

$1.1274 then $1.1250. Resistance $1.1325, $1.1340/50.