The pair started this morning at $1.3703 after marking a $1.3687 to $1.3719 range in the US last Friday. It retraced back to an early pre-Asian low of $1.3689 but recovered to $1.3703 as the Asian market got underway proper. The pair continued to run into mild weakness, which dragged it back to $1.3696 but a better euro-yen rate this morning helped euro off $1.3700. It edged up through a quiet morning session amid rumored demand from below $1.3680. The pair managed a high of $1.3711 but the overall tone remains subdued with very little noted interest to pursue the pair higher toward Friday’s US session highs. Euro-dollar was last at $1.3705. The pair is seen needing a break above Friday’s US high of $1.3719 to initiate further gains to $1.3730/32 region of the highs traded from Wednesday to Friday last week, with stops expected on any breakhigher, and the 100-day moving average also coming in above at $1.3740.
