It’s been another dull morning for the euro after it opened at $1.3692 today in the Asia-Pacific hours. It edged higher in early dealings, to touch $1.3695 but ran into moderate selling interest off that high. These apparently build in size higher up and are linked to a $1.3700 barrier. Those offers capped the euro there and the pair then drifted back to $1.3690. Euro-yen strength after the China PMI releases kept euro-dollar supported for a while off $1.3690 but the pair then gradually eased further, to trade a low for the session at $1.3686. Euro-dollar was last at $1.3686, with stops expected on any break above $1.3700, also the 55-day moving average, with larger stops then seen above the $1.3723 May 21 high, from $1.3725. On the downside, demand is expected from around $1.3670 and at $1.3650, with stronger interest then seen from $1.3610.
