The pair traded between $1.3593 and $1.3653 in New York and started in Asia at $1.3629 this morning. It found itself trapped between $1.3626 and $1.3636 in the early hours of Tuesday amid a lack of significant flows in either direction. Euro-dollar retreated to a $1.3621 low as euro-yen weakened after Japanese stocks opened lower. A lack of follow-through again kept euro-dollar from falling further and coupled with rumored bids from Asian accounts, it then spent the rest of the Asian day trapped between that low and $1.3630. Up ahead, sell orders at $1.3650 also kept euro-dollar from pursuing further gains, and the pair was last at $1.3626, just about where it had opened in Asia today. Only a close above $1.3716 would help to confirm a break of the21-day moving average ($1.3710) and see focus shift back to retests of the $1.3819 Dec 30 high. While the $1.3716 caps, the immediate focus remains on a move lower that initially targets the $1.3520-25 region with the 100-day also noted just above at $1.3541.
