The pair started this morning’s session at $1.3612 after last night’s $1.3576 to $1.3618 range during the US session and has since been supported off the $1.3510 low although the overall trading range remained extremely narrow in the initial few hours, with the topside capped at $1.3621. The euro found fresh legs toward the late morning as the dollar’s losses mounted ahead of the weekend in Asia, and euro-dollar got boosted to a $1.3629 high. It has since hung on near that peak, and was last at $1.3628. Stops are noted above $1.3655 and above $1.3680. Looking ahead, while the $1.3670-77 region caps euro bears retain the upper hand but would need a close back below the $1.3564 June 20 low to add weight to the bearish tone and re-confirm the initial focus on the$1.3503-12 region. Up top, a close above the $1.3677 June 6 high would confirm an end to bearish hopes and shift immediate focus to the $1.3731-75 region.
