The pair losses were initially contained early this morning after it opened at $1.3488. Dealers said weak data out of the US on Friday coupled with a lack of any major euro-negative news over the weekend provided some support for the euro-zone currency. Early market action saw euro-dollar trapped in a generally tight $1.3484 to $1.3501 range as sellers near Friday’s $1.3523 US high continued to limit the pair’s recovery. The pair hit some mild bearish pressure in the late morning, attributed to comments by the Fed’s Richard Fisher, triggering a rather vicious drop to $1.3441 lows. But the pairquickly rebounded after that amid the very thin market liquidity and found stability again near $1.3.3480. It last traded at $1.3481, with a further break below the key $1.3461-72 support region to then likely target the $1.3325 Sept 17 low with the 100-DMA just above at $1.3336. Only a close back above the $1.3570 level would be seen as allowing some relief from the immediate bearish pressure.
