The pair started this morning’s session at $1.2698 after a $1.2675 to $1.2723 range during the US hours last night. Early dealings had euro-dollar trapped on either side of $1.2700, as it shuffled between $1.2696 and $1.2703 before breaking higher on euro-yen’s initial rise. Euro-dollar went to $1.2709 about an hour after Japanese stocks opened and after a slight pullback, extended that to $1.2714. It then continued to edge higher in the late morning, eventually trading a session high of $1.2716. The pair failed to make further gains as offers above $1.2720 moved in to cap the gains. Euro-dollar then eased back toward the early afternoon to last trade at $1.2706. Looking ahead, while $1.2742 caps, the focus remains on the $1.2605 support and then the $1.2501 2014 low. Stops meanwhile are noted today below $1.2660 and $1.2600 and on the topside above $1.2750 and $1.2900.
