It’s been another muted session for the euro, after marking some rather hefty losses to a $1.3635 low during the US session last night. Euro-dollar opened at $1.3687 this morning but proceeded to trade within a very narrow $1.3672 to $1.3688 range as most euro players sat on the sidelines. Euro-dollar traded the morning high soon after it opened and then resumed its slow move lower through the entire morning. It briefly saw a small relief rally after the HSBC flash PMI reading to $1.3684 but turned back quickly after that. It continued to grind slowly lower, reaching the session’s low in late morningtrade and was last at $1.3674. The 100-day moving average remains key resistance for the pair after having consolidated below that since it ended lower last week. On the downside, demand interest is noted at $1.3640/35 and toward $1.3600
