The pair started at $1.2517 this morning after Friday’s moves saw the single currency slide to a $1.2486 low during the US hours. Early dealings saw euro-dollar cling on to the $1.2500 handle, keeping to a $1.2502 to $1.2518 range. Weak Australian data then prompted a move down in aussie-dollar, which in turn dragged euro-dollar down with it as the US currency resumed its rise from Friday. Euro-dollar slipped through $1.2500, and then below the 2009 low of $1.2457 to a $1.2440 low, its lowest for 2014 and the worst since Aug 22, 2012. A modest bounce then followed with euro-dollar retracing back to $1.2482 in the late morning as bids appeared around the $1.2400 mark. Fresh 2014 lows today combined with a relatively bearish close on Friday has seen the focus shift to the $1.2042 2012 low as bearish dominance continues. Layers of resistance have developed on the hourlies with initial resistance noted at $1.2545. Small stops are noted above $1.2750 with more sizable stops above $1.2650.
