The pair opened at $1.3597 this morning following a $1.3587 to $1.3628 range in the US last night. Euro-dollar struggled to make ground above $1.3600 in early dealings amid very limited trading interest. It eventually poked its head through $1.3600 amid rumored demand from below $1.3590 but the gains were not sustained. Euro-dollar got up to $1.606 but the lack of follow-through sapped the pair’s momentum and it repeatedly retraced back to $1.3600. The pair continued with that theme from around mid-morning and right through the RBA decision, and was last at $1.3605. All eyes on this week’s ECB meeting. Order books show sellers at $1.3615 and stronger offers at $1.3655, up to $1.3680/85, with scattered stops in between. Support is expected at$1.3585/80 for now.
