The Euro opened in Asia at $1.1780 at...>

EURO-DOLLAR: The Euro opened in Asia at $1.1780 at the lower side of yesterday's

$1.1770 to $1.1838 range, where broad based US dollar strength and hawkish

comments from Fed's Dudley placed the Euro on the defensive. There is no data or

scheduled events likely to impact trading in Asia, local traders look for

sideways consolidation with a mild downside bias ahead of the European open and

release of German Q2 GDP. They also note a number of large options expiries for

today; $1.1700(E727mn), $1.1780-85(E1.36bn) and $1.1800(E930mn) that may act to

contain the near term range. For now, support at $1.1768 (50% fib

$1.1689-$1.1847) has held the downside in check, a break opens $1.1749 (61.8% on

the same move), while initial hourly resistance is found at $1.1796.