The pair opened at $1.3793 this morning after a $1.3789 to $1.3815 range in the US overnight. Early dealings lacked conviction with market participants unwilling to take on fresh positions ahead of the ECB’s meeting this week. Initial gains were capped at $1.3796 while pullbacks were also contained to $1.3791. The pair continued to shulffe in that range through most of the Asian morning before euro-yen’s rise then instigated a stronger recovery. Euro-dollar broke through $1.3800 but struggled to make much headway beyond that, peaking at $1.3804 late in the Asian morning, well below the overnight high of $1.3815. Euro-dollar however stayed supported around $1.3800 as theEuropean day began and edged marginally higher to a $1.3807 high. The pair was last at $1.3806, with offers cited above, from $1.3820 while on the downside, immediate support is tipped at $1.3750, atop strong demand in the $1.3705/00 region.
