The pair opened at $1.2940 this morning in Asia, after rising as high as $1.2980 during yesterday’s Asian session. Euro-dollar opening levels turned out to be about the lows for the session so far with the pair bouncing off $1.2936 and then heading higher through the early few hours. It paused at $1.2949 and then extended the highs to $1.2960 around mid-morning, in tune with a bounce in euro-yen off its low. Euro-dollar retreated again soon after that high, dipping to $1.2944 in the early afternoon. It was last at $1.2939. Initial support remains at $1.2909 with a close below to reconfirm bearish pressure andinitial focus on the $1.2745 2013 low. Stops are noted above $1.3000 and $1.3110 and below $1.2900 and $1.2850. German and eurozone ZEW numbers are expected toimpact volatility this evening and will be closely watched.
