The pair opened at $1.3568 after last night’s $1.3562 to $1.3620 range seen during the US session, with the low traded after Fed Chair Yellen’s Q&A. Early dealings were muted for euro-dollar as it stayed between $1.3567 and $1.3570. The pair retreated again to $1.3564 around mid-morning and found a lift off that as euro crosses rose on demand from speculative accounts. Gains also turned out to be shortlived and the recovery was capped as the pair then ran into offers at $1.3570, prompting a reversal back to a low of $1.3562, matching last night’s US session low. Euro-dollar was last at $1.3560 with stops noted below and a break there remaining needed to reconfirm immediate bearish focus on the $1.3503-12 region. Initial resistance is noted on the hourlies at $1.3587 with a close above needed to ease bearish pressure.
