Following on from fresh 2014 and 11 month lows in NY Friday, euro-dollar started this morning at $1.3138 and looked a little heavy from the get-go, slipping to an early low of$1.3126. The euro kept to a quiet $1.3126-32 range in early Asian trading, and the muted trades continued even after the pair briefly went up to a $1.3135 high. Euro-dollar lost ground again after that, but the move to the initial $1.3125 low was met by modest demand there, believed to stretch down to $1.3110. Despite that, the pair continued to nibble away at those bids, with the eventually slipping to $1.3119, the lowest mark for 2014 so far. Talk of demand persists from there to $1.3110, with immediate support also seen at the $1.3105/00 area, reported demand also there, defending a $1.3100 barrier. Stops are noted on the downside below $1.3100 and also above $1.3160, $1.3200 and $1.3225 today. Immediate focus remains on the $1.3101 Sept 2013 monthly low with a close below then seeing a move that would target the $1.2745-55 region, where 2013 lows are noted.
