The pair closed in NY Friday at $1.2930, the rate having recovered off pullback lows of $1.2910 after earlier posting a high of $1.2993. With the US/UK out for Memorial day and Spring Bank holiday Asian markets were expected quiet and they didn’t disappoint, the currency pair was tied to a narrow $1.2915-44 range. Opening around $1.2930 early demand lifted euro-dollar to $1.2944 but this move was capped by offers ahead of $1.2950. The rate pared gains and extended the slow grind as the Nikkei opened down 1.6% to pressure thin markets. Rate slipped to an eventual low of $1.2915, before demand in the dip cushioned to settle around $1.2920/30 for the remainder of the session. On the downside bids are reported at $1.2900, more at $1.2880, ahead of $1.2850 with light stops set. Light offers seen at $1.2945/50, techs behind at $1.2983 (55-day ma), ahead of stronger offers into $1.2995/00 ($1.2995 – 21-day ma), with stops set.
