The pair opened in Asia just off last night’s $1.3699 high, at $1.3698 after failing a test of the $1.3700 level during the US session. Large sell orders, some option-related, at $1.3700 and above kept euro-dollar away from any further meaningful attempt at a break and the pair then drifted lower in the early hours of the Asian day. Losses continued to mount as those reported sellers at $1.3700 pushed euro-dollar down to a $1.3678 low. The pair however recovered toward the end of the Asian day, and as European players were about to start their session. Euro-dollar managed to push through $1.3700 and got as high as $1.3706 before quickly backing off again, to last trade at $1.3690. There’s been chatter of more offers seen on any break above the interim highs, from $1.3720/30 and $1.3740/50, suggesting euro-dollar may struggle to further extend its gains later today.
