The pair opened at $1.3816 this morning in Asia, after a $1.3804 to $1.3843 range in the US last night and saw a rare burst of activity in early dealings today, which carried it up toward the overnight high after a morning low of $1.3814. It traded up to $1.3841 on the back of better risk appetite supported by demand noted at $1.3815/10 area, coming in above larger bids below $1.3800 from around $1.3770/60. Further gains above the morning’s $1.3841 high ran into difficulties amid talk of large selling interest from $1.3860/70, while the 61.8% retracement of the pair’s $1.3906 to $1.3791 April move was also noted there, at $1.3862. The pair held up through the rest of the morning and was last at $1.3840. Ahead, euro bulls need to see a close above $1.3863 to relieve thepressure on the 21-day moving average at $1.3796 and shift overall focus back to the $1.3905-67 region. Bears continue to look for a close below the $1.3780 Apr 9 low to reconfirm bearish pressure and see overall focus shift to the $1.3673-1.3711 region with the 100-day then noted at $1.3716
