Recovers Off Lows Through the Fix

EUR/USD touched an extended YTD high of $1.1916 as market reacted to the release of stronger than forecast Germany Factory Orders. However, momentum quickly faded and rate eased through the balance of the Europe morning to $1.1832. NY edged it back to $1.1866 before rate dropped to $1.1818 ahead of the fix, meeting demand into the dip that took rate back to $1.1894($1.1893 76.4% $1.1916-1.1818) during the NY afternoon. Rate currently trades around $1.1875. Resistance remains at $1.1894, a break to expose this morning's high of $1.1916. Resistance seen to $1.1920, ahead of $1.1940/50. Support $1.1820/00. Germany IP and Trade data provide early interest Friday in Europe ahead of France IP, though seen overshadowed by the afternoon's release of US NFP. Focus also on developmebnts in the US stimulus debate.