The pair traded a $1.2398 to $1.2546 range during the US hours on Friday,before closing at $1.2525. It started this morning under pressure as the dollar jumped to fresh 7-year highs vs the yen, with euro-dollar slipping to session low of $1.2516. The dollar’s sharp reversal vs the yen triggered a hefty recovery in the euro, as it jumped back to $1.2546. Further gains then saw euro-dollar hitting $1.2550, before it was then lifted up to a $1.2573 high as dollar-yen’s pullback intensified. Euro-dollar however failed to decisively hold the gains and it retreated marginally to around $1.2555 in the afternoon. Euro-dollar was last at $1.2554. Initial support is noted at $1.2493 to start the new week with a close below to reconfirm the bearish focus and initially target the $1.2357 2014 low.
