The pair started in Asia at $1.3903, after trading a high of $1.3915 last night in the US, matching the high traded last Friday, which was also a 2.5-year high for the single currency. Euro-dollar however lost much of the overnight momentum during the Asian session as it settled back in a narrow $1.3896 to $1.3909 range. The pair traded above $1.3900 toward the late morning, as it took its cue from euro-yen’s bounce off its morning low, but sellers at $1.3920 capped the move. The pair however woke from its morning slumber in the afternoon as it moved through those reported offers at $1.3920/25 and hit some buy-stops which carried it to $1.3944, its highest since late-Oct, 2011. It made another attempt at those $1.3950 offers, believed to be large, and was last at $1.3940, with stops scattered above that. On the downside, there’s also been some mention of demand from sovereign accounts toward yesterday’s $1.3850/40lows
