The pair started in Asia at $1.3733 this morning following a $1.3725/65 range overnight in the US. It fell to an early Asian session low of $1.3729 as euro-yen and other risk-sensitive instruments were dragged lower by the negative open in Japanese stocks. Euro-dollar however rebounded after that as the weak HSBC China flash reading put the spotlight on the Australian dollar, allowing the euro to edge back up through the opening highs. The pair went through $1.3750 in muted trades before peaking at $1.3758. The pair has been held up near that since the late morning, and was last at $1.3755, with sellers believed to be in place in the area above the morning highs, with more sellingexpected to appear toward $1.3780. The pair is now seen needing a decisive close above the $1.3773 high from Wednesday to kickstart bullish momentum.
