The pair fell to a new 2014 low of $1.3367 in overnight dealings following the US GDP data and started the session today at $1.3397. Early flows info suggested the pair may well be bound for another session of narrow ranges, with bids spotted from below the overnight, from $1.3360 down to $1.3350, the latter containing option-related demand amid talk of a barrier there. Indeed, euro-dollar briefly traded a low of $1.3392 and then edged higher toward $1.3400 through the morning. A fall in the aussie after the Australian building approvals data gave euro-dollar a lift via euro-aussie cross, and thepair topped out at $1.3400 before eaing again. Euro-dollar was last at $1.3395, with sellers spotted from $1.3410, these are said to stretch through $1.3420 to $1.3425 but a break above $1.3440/50 region is likely to trigger stronger upmove. Stops are also noted above $1.3420 today with traders who sold the break lower having their stops placed around this level. Further stops are noted above $1.3450, $1.3500 and $1.3520. Immediate focus has now shifted to the $1.3294 Nov 2013 monthly low.
