The pair opened at $1.3733 this morning in Asia following a $1.3705 to $1.3759 range in the US on Friday. Early action saw the pair struggle to extend gains beyond $1.3740 as weake Japanese stock markets weighed against euro-yen. Euro-dollar reached a high of $1.3743 and then gave up the gains to slide to a $1.3728 low. The pair however ran into minor support from around $1.3720, seen above rumored large stop-loss sell order building just under $1.3700. Eruo-dollar then rebounded to last trade at $1.3737, still a touch lower than where it had ended in New York on Friday, at $1.3746. Daily techstudies remain at very overbought levels and may continue to limit topside follow through with a close above last week’s $1.3773 high needed to kick start bullish momentum and target the rising daily channel top coming in around the $1.3800 level. German Ifo Business Climate and EZ CPI on Monday are likely to see volatility increase for the pair going forward.
