The pair opened at $1.3761 this morning following another rangebound overnight session which saw the pair traverse a $1.3749 TO $1.3795 range in the US. Early market action saw euro-dollar encountering bids from below $1.3760 which carried the pair up to a $1.3769 high, where the gains stalled ahead of rumored sell orders from $1.3790. The pullback in euro-yen then dragged euro-dollar down with it and it then dropped to $1.3751 low, with the earlier reported bids under $1.3760 failing to provide sufficient support. Continued euro-yen weakness then prompted further euro-dollar selling down to a $1.3747 low, where it has since found minor support. Euro-dollar was last at $1.3757 and initial support is noted on the hourly time frame at the $1.3735level with trailing stops noted below $1.3730 ahead of more euro demand at $1.3725/20
