The pair started in Asia at $1.3435 after a subdued $1.3430 to $1.3440 range during the US hours overnight. Early Asian trade mirrored the dull US dealings with euro-dollar confined to a $1.3435 to $1.3441 range through the entire morning. The pair got an early lift to that high on rumored demand interest spotted from the $1.3400 barrier and at $1.3410. The move higher uncovered some sellers at $1.3460/65, and euro-dollar then retraced back to $1.3435. The pair continued to hold near that low for the rest of the morning and was last at $1.3436. Stop-loss buying is seen around $1.3490 while downside stops are seen below $1.3400. Generally appears that traders are looking to take advantage of any rally back to the July 24 high of $1.3485 and the July 22 high of $1.3530 on a stronger correction, whilst near term support still expected at $1.3400.
