After quiet, holiday-thinned Monday sessions in Europe and the US, the euro started this morning on a bullish note, as it opened above the 200-day moving average of $1.3640, at $1.3646. Early trades were limited, with euro-dollar capped at $1.3647 before it then rallied through $1.3650, as it tracked moves in euro-yen. The move through $1.3650 saw Asian accounts also ramping up bids in the pair, which accelerated the move up. Buy-stops were triggered when $1.3663 gave way, and euro-dollar then traded a high of $1.3669 before grinding to a halt. The pair eased after that as sellers above the session high capped the pair and drove it back down to $1.3655 in the early afternoon. The pair was last at $1.3656, with heavy offers noted further up, toward $1.3690, and up to $1.3700. On the downside, demand is noted still at $1.3650/40 while any move back through $1.3600 is likely to run into stops.
