The pair started this morning at $1.2480, above Friday’s US session high of $1.2470 seen after the payrolls data release. The euro encountered some early demand interest from around $1.2475 and ran into further demand from $1.2480. The pair was carried up to a $1.2490 high before option-related sellers appeared off $1.2500. The pair then reversed direction as positions were then unwound. It slipped back through $1.2470 and then went further down to a $1.2453 low before seeing some stabilization. The losses were also believed to have been countered by demand linked to another expiry at $1.2450, dealers say. Euro-dollar last trades just off the open, at $1.2476 with the $1.2579-1.2685 region seen as key resistance this week. A close back below initial support at $1.2411 would then re-confirm bearish pressure.
