The early focus having been on yen......>

EURO-DOLLAR: The early focus having been on yen and yen crosses the Euro has

been side-lined, the single currency holding a fairly narrow $1.1744 to $1.1764

range. There is no data or scheduled events likely to impact trading, local

traders expect sideways consolidation heading toward the European open and the

release of Italian Industrial Production data. Traders have also noted a number

of large options expiries between $1.1700-25 (E1.26bn), that may act to contain

the near-term range. Below yesterday's $1.1715 low key-support is located at

$1.1704 (38.2% fib 1.1371-$1.1910), while initial hourly resistance is located

at $1.1770. Euro is currently changing hands at $1.1751.