It was another quiet session for the euro in the Asia-Pacific timezone this morning, after the pair had traded a $1.3583 to $1.3650 range last night, spikes higher following the US CPI data and unemployment claims were repeatedly capped by sellers ahead of $1.3650, with stops noted above during the US session. Euro-dollar opened at $1.3615 this morning and spent the morning well within the overnight range, between $1.3609 and $1.3623. It slipped in early trade as euro-yen fell after a lower start to the Japanese stock market but there was very little interest to push the pair decisively back below $1.3600 ahead of the weekend. The pair was also pressured by a slightly softer euro-aussie, courtesy of this morning’s aussie recovery. The cross was last at A$1.5440 while euro-dollar was last at $1.3615. Ahead, the $1.3648-50 are which previously supported, remains initial resistance with a close above needed to relieve the renewed bearish pressure that has seen the focus shift back to a retest of $1.3521-60, where the 21-day lower Bollinger band ($1.3550) and 100-day ($1.3560) are noted. A close above $1.3700 would confirm a break of the 21-day and bring the focus back up to the $1.3786-1.3820 region.
