The pair fell to a low of $1.3503 during European trade last night in response to the initial statements in ECB President Mario Draghi’s press conference but found solid support at the lows and began to ratchet higher during the US session. It started in Asia this morning at $1.3660, just off the US high of $1.3670. Early dealings saw euro-dollar inch up toward the overnight high but failed to get beyond $1.3666. It held on near that high for a few hours but then turned lower after that and gradually slipped bel;ow the opening level to end up at a low of $1.3657 before stabilizing ahead of tonight’s US non-farm payrolls data release. The pair was last at $1.3658 and is seen consolidatingwithin current range ahead of tonight’s US data, with any move through last night’s $1.3670 US high likely to see a move for stops above $1.3680, more toward $1.3700, with a break there to then see the pair take aim the mid-May peaks of $1.3725/35 and $1.3770/75. Below, the 200-day moving average lies at $1.3651.
