The pair opened in Asia at $1.3695 after a $1.3680 to $1.3700 range in the US last night. It bounced off an early $1.3687 low this morning and was then carried up through $1.3700 amid rumored bids from an Asian account from around $1.3650, dealers said. The pair marked a high of $1.3715 but then ran into a lack of follow-through interest, which kept it below the Christmas Day high of $1.3717. It however broke above late in the morning, taking out minor stops above, and eventually marched to a $1.3722 high. It was last at $1.3713, with a close above that $1.3717 high to shift the immediate focus back to the $1.3811-32 region with a close at fresh 2013 highs needed to see the $1.4241 Oct 2011 monthly high become the focal point. On the downside, $1.3621 is seen as pivotal with this level having previously capped attempts higher in late-Nov andearly-Dec. A close below this sees the focus turn to retests of the $1.3485-25 region with potential for a deeper correction that targets the $1.3295 Nov monthly low.
