A very dull session for the euro this morning in Asia. The pair opened at $1.3547 after a $1.3536 to $1.3571 US session range. It tracked small gains in euro-yen with a rise to $1.3550 early in the session but gains were eventually capped there. The pair spent the next few hours then in a $1.3547/48 range as the market snoozed ahead of tonight’s FOMC meeting, before dipping further to a $1.3543 in the early afternoon. Euro-dollar was last at $1.3544. Dealers noted decent-sized bids down at $1.3535 and more at $1.3500. Up top, the $1.3552 level remains somewhat pivotal on the hourly time frame with it acting as initial resistance with small stops noted above. Tuesday’s move above the previous $1.3583 resistance level lacked follow through with the relatively bearish close seeing focus return to the $1.3500-15 region and a break below targeting Nov 2013 monthly lows.
