The pair traded between $1.3449 and $1.3503 last night in the US and started this morning at $1.3474. Tepid morning trades seen earlier with the pair struggling to break out of a narrow $1.3470/80 early range. It received a small lift to $1.3477 after aussie-dollar rose on trade data but euro-dollar then pulled back to $1.3468 low. It spent the rest of the morning holding near that low before making its way up again toward $1.3500 ahead of midday breaks in the region’s stock markets. Euro-dollar then witnessed a sharp move through $1.3500 and stop-loss buy orders were hit as euro-yen jumped, to mark eventual early afternoon highs of $1.3521 and Y133.45, respectively. Euro-dollar held on near the high, and was last at $1.3507. A close above Monday’s $1.3525 highwould help relieve the immediate bearish pressure that is targeting a break lower. On the downside, euro-dollar marked a low of $1.3449 last night in the US, stalling ahead of trendline support (from July) which comes in around $1.3445. Strong demand was cited just below, in the $1.3440/50 zone, with stops expected on a break.
