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EURO-DOLLAR: Short covering squeezed to $1.1790 (Asia high) in early Europe, but
with lack of follow through was quick to pare gains. On the topside there are a
number of large option-expiries for today's NY cut, $1.1795 (E1.41bn), $1.1800
(E1.21bn). Through here opens $1.1808/11 (76.4% $1.1847-1.1682, Daily trend-line
res drawn off $1.1910 high). A break of the Asia low ($1.1765), opens $1.1749/36
(38.2%/50% $1.1682-1.1790). Euro-dollar last $1.1774.

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