It was another day of uneventful range-bound trading for the euro this morning as it opened at $1.3769 after a $1.3763 to $1.3810 range during the US session overnight. The pair rose quickly to a $1.3777 high in early dealings as risk sentiment appeared to improve but failed to make further headway beyond that amid a lack of strong trading interest and insufficient fresh leads. Euro-dollar then found itself confined within the early $1.3769 to $1.3777 range through the rest of the morning and was last at $1.3775. Techs note euro-dollar’s bounce from ahead of last week’s lows on Monday combined with oversold daily tech studies could be hinting at a retest of the key $1.3879resistance level this week. The move higher at the start of the new week stalled just short of the 21-day moving average at $1.3828 with bulls looking for a close above to confirm a correction is underway and see immediate focus shift to the $1.3879 level and then to the $1.3948-66 region above.
