The pair started at $1.3837 this morning in the Asia-Pacific, after a $1.3829 to $1.3847 range in the US on Friday, and inched up to revisit that $1.3847 high in the early hours of today. The pair failed to break higher and then went southwards from then on. Initial gains were contained at $1.3835 but euro-yen’s drop to its session low after Japanese stocks opened dragged euro-dollar down with it. Euro-dollar sank to a $1.3815 low in tandem and managed only a small bounce, to $1.3825. It stayed there for the remainder of the morning and was last at $1.3824. The 21-day moving average is noted just below at $1.3805 and a close below $1.3779 would confirm a break of the 21-day and see the focus shift lower to the $1.3673-1.3726 region
