The pair started this morning at $1.3628, following a $1.3624 to $1.3643 range on Friday in the US. It marked a brief high of $1.3642 at the open and then gapped down to the session low of $1.3615. Early attention was on the results of the ongoing elections in Europe. From there, euro-dollar then jumped a few notches toward $1.3630 in the early few hours but failed to make further ground above that. Offers at $1.3645/50 much of which are believed to be option-related, kpet a tight lid on the pair and it then slipped back to $1.3618. Euro-dollar then continued to hold near there through the rest of themorning as Asian-based accounts kept to the sidelines ahead of Monday’s holidays in the UK and US. Euro-dollar was last at $1.3619. A close below the 200-day moving average, at $1.3639 currently, would be deemed bearish and suggest scope for a new leg lower back to the Feb 12 low of $1.3562, or potentially even the 2014 low of $1.3477, traded on Feb. 3. On the downside, minor bids seen below the initial low this morning while support is seen at $1.3602/00, barrier-related demand also cited near the latter level.
