The pair opened this morning at $1.2669, after it traded up to a $1.2699 high in the wake of last night’s ECB decision and President Mario Draghi’s news conference. Euro-dollar’s early attempt to recover met resistance after a $1.2675 high and the pair then spent the rest of the morning trading lower. It fell to $1.2659 after Asian markets got underway, and then marginally extended the low to $1.2653 in the late morning. Accorindg to dealers, the euro was pressed down after the initial move higher uncovered the presence of offers from around $1.2700 and up through $1.2720. After the late morning low, euro-dollar has seen little recovery, and the pair was last at $1.2655. Initial support is noted on the hourlies around $1.2613 with a close below to provide some breathing room. Small stops are noted below $1.2600, and more noted below $1.2550. On the topside stops are seen above $1.2720, $1.2820 and $1.2840.
