It’s been another lackluster session in Asia for the euro-zone currency after it fell to a $1.3549 low last night following the ECB rate decision and President Mario Draghi’s press conference. The pair started in Asia around $1.3608 and found itself stuck in a narrow but slightly higher $1.3602 to $1.3611 range. It continued to chop around within that range after Asian markets got underway, briefly extending the morning high to $1.3613 and then to $1.3616 eventually. According to dealers, residual demand below the overnight low, which also coincides with the 100-day moving average ($1.3548), and from the $1.3525/20 region kept the euro supported through the morning but the lack ofany clear new developments coupled with apprehension ahead of tonight’s US non-farm payrolls data also kept the currency’s gains limited. Euro-dollar was last at $1.3610. Above current levels, the nearest batch of offers have been cited at $1.3650 and then at $1.3675, according to dealers. The pair needs to close back above the $1.3670-75 region in order to ease the current bearish focus that is targeting further dips below the falling 21 day lower Bollinger band ($1.3562).
