The pair opened this morning at $1.3817 after a $1.3811 to $1.3845 range overnight in the US. It crawled up to $1.3822 in early dealings but reversed direction soon after as euro-yen also came off initial highs, tracking a reversal in Japan’s Nikkei 225. Euro-dollar sank to $1.3815 and then staged another rebound through $1.3820 amid rumored demand coming in from around $1.3800. The pair went to $1.3826 and after getting pulled down briefly to $1.3818, it hung on to the region off the session high and was last at $1.3822. For now, any further gains through last night’s $1.3845 high are likely to facea clutch of resistance at $1.3860/65, with strong offers noted there, also the region of the Apr14-17 highs, while $1.3860 also denotes the 61.8% retracement level of the pair’s$1.3906 to $1.3785 move.
