The pair started in Asia little changed from Friday’s $1.3698 close as the new week got underway. The pair made a brief show above $1.3700 but only got as far as $1.3705 this morning, well below Friday’s $1.3719 post-jobs data high and the eventual session high of $1.3731. Euro-dollar encountered mild selling interest from $1.3750/60 and the pair then retraced back to $1.3695 low. Euro-dollar remained within that narrow range through much of the morning as interest fizzled out and was last at $1.3698. Initial resistance is now noted at Friday’s $1.3731 high with bulls needing a close above this level to relieve the bearish pressure that saw the euro dip below the 100-DMA on Friday. The key concern for a bearish continuation that initially targets the $1.3643 Feb 27 loware the oversold daily tech studies but a close above $1.3731 is needed for these to come into play and see focus shift to a retest of the $1.3811-21 region with the 21-DMA noted at $1.3811.
