The pair started in Asia at $1.2658 after last night’s $1.2679 to $1.2741 range during the US hours. Early dollar demand put the euro under pressure, and euro-dollar retreated to $1.2632. It followed up with a mild recovery to $1.2648 before profit-taking interest then sapped the euro’s recovery momentum, this time pushing the euro to a fresh session low of $1.2625. A recovery in euro-yen then helped lift euro-dollar off that low, and it got back up to $1.2648 around mid-morning. Again the recovery lacked any significant strength and euro-dollar spent the rest of the morning hobbling along between$1.2640 and $1.2648. Euro-dollar was last at $1.2646. Talk of strong demand interest below today’s initial lows through $1.2620 and then down toward $1.2600 could keep the pair supported off that low for now, with further bids then spotted on a break below $1.2600, from $1.2585/80.
