The pair spent a lackluster Asia-Pacific session drifting lower in a relatively narrow range. It opened at $1.3525 following a $1.3477 low traded during the overnight session. Euro-dollar headed south from the start of the day, briefly pausing at $1.3520. Euro-dollar failed to get much of a lift from aussie-dollar’s sharp rise following the RBA rate decision, as it continued on its way lower, to eventually trade an early afternoon low of $1.3504. This week’s decision and US non-farm payrolls data are potential movers for the pair but ahead of that, the market may be largely consolidative and prone toselling-on-rallies, dealers say. Euro-dollar was last at $1.3512. A close above the $1.3575 level remains needed to further ease the bearish pressure while a close above the 21-day moving average at $1.3605 is needed to shift focus higher once more. Further downside currently remains favored that is targeting a test of the 200-day at $1.3381.
