The pair closed in NY Monday at $1.2438 after rate recovered off intraday lows of $1.2415 post London 1600GMT fix to $1.2479. Rate just as quickly dropped back to $1.2429 before it slowly recovered into the close. Traders have noted that the area between $1.2480/85 now seen as decent resistance with reports overnight confirming sell interest in this area. The late NY recovery extended to $1.2448 in early Asia before rate dipped to $1.2436 before it picked up stronger demand. This buying extended the overnight recovery to $1.2464 with rate holding firm into Europe. Asian traders note that euro-dollar trade has been fairly dull with moves mainly dictated by dollar-yen moves. Attention in Europe will move across to the release of flash PMI data in the leading Eurozone economies, beginning with France at 0800GMT. Some expectation that the recent fall in oil prices, as well as a softer euro, could prompt a mild uptick in sentiment. Germany ZEW due at 1000GMT. Resistance seen at $1.2467(76.4% $1.2479-29) ahead of $1.2480/85. Further offers noted above $1.2500 through to the the 50-dma at $1.2536. Support $1.2434/29 ahead of $1.2415/10 with stops reported below. Further noted demand sits at $1.2380
