Recovery off EUR/USD's opening low......>

EURO-DOLLAR: Recovery off EUR/USD's opening low Monday of $1.0821 petered out at

$1.0851 as underlying bearish tone(growth concerns, dovish rate outlook

supporting carry plays) remains prompting a sell on rallies scenario. Rate eased

to $1.0829 before it settled between $1.0830/40 through to the close. Apple Corp

raised concerns for production, due to the effects of the COVID-19, placed

pressure on risk which pressed rate down to $1.0823 in early Asian trade but had

managed to recover to $1.0837 into Europe. Resistance remains into $1.0840 ahead

of $1.0851 and $1.0861. Traders have suggested that any recovery seen needing a

break above $1.0900 to ease current bearish feel. Support into $1.0820, a break

to expose $1.0805/00. Talk around on option interest at $1.0800, larger at

$1.0775, which should attract support ahead. 

- Germany Feb ZEW at 1000GMT, market median 22.0 vs last 26.7 provides domestic

data interest this morning. US Empire survey at 1330GMT, NAHB Housing index at

1500GMT.