Another relatively subdued session in Asia today with euro-dollar again stuck within a narrow range following last night’s testimony by new Fed chair Janet Yellen. Euro-dollar started the morning at $1.3638 and was under mild pressure from the get-go despite a slightly improved risk environment. Euro-dollar retreated to a $1.3626 low soon after Japanese stocks opened but saw a minor rebound back to $1.3637 after that. The pair continued to chop around in that $1.3626/40 range through the entire morning, seeing little direct interest. Euro-dollar was last at $1.3633 with decent-sized selling cited in the$1.3680/85 region limiting further gains, while near-term support is seen at the 100-day moving average below at $1.3612. Further down, the 21-day moving average at $1.3598 remains key support with a close below needed to hint at a return to the $1.3475 level. While the 21-day supports, potential remains for a continuation higher that initially targets the $1.3740 level
