The pair closed at $1.3612 last night in New York, and started this morning in a tight $1.3609/15 range. Euro-dollar got up to a $1.3624 high soon after but then ran into sellers off $1.3630. Euro-dollar eased a few notches back to where it had opened, and was held there for a while as trade activity continued to be limited. The pair held near $1.3613 ahead of the European open in very muted dealings and was last at $1.3612, with fresh offers said to have built up near $1.3618, with immediate support seen at the region of the $1.3589 US session low, minor demand noted around there, and scattered stops seen in the $1.3570/60 zone. The euro has remained capped ahead of the$1.3621-38 hourly resistance region and only a close above $1.3638 would confirm an easing of bearish pressure and see the key $1.3700 level targeted. Stops remain above this level with a close above seeing immediate focus shift to the 100-day moving average ($1.3734) and overall focus to $1.3775. Downside stops remain below $1.3560 and $1.3500.
