The pair started at $1.3150 this morning after a $1.3132 to $1.3160 range last night in the US. Early dealings were light in Asia, with the pair initially holding a $1.3147/50 range before it staged a brief jump to a high of $1.3154. Euro-dollar retreated again after but didn’t stray very far from $1.31590 through the entire morning. The ECB decision later is the main even risk today and while the consensus is for further easing, there are increasing numbers who have been pricing in the likelihood of a surprise ‘hold’decision, according to market sources. Euro-dollar traded a session low of $1.3143 around mid-morning and again recovered modestly toward $1.3150. It last traded at $1.3147, with any break above $1.3160 likely to see minor buy-stops getting hit. For now, expect more stops to get taken out if the pair moves through $1.3180/85, with strong offers then noted at the $1.3200/05 region. Immediate support is seen at yesterday’s $1.3121 session low, with a break there to see the pair take on strong demand in the $1.3110/00 area
