The pair traded a $1.2445 to $1.2506 range during the US hours last night before it opened at $1.2450 this morning in the Asia-Pacific. The pair slipped to an early low of $1.2443 but recovered as the US dollar retreated. Euro-dollar crept back up through the opening levels and then inched up to a high of $1.2477. The gains stalled as sellers at $1.2480 moved in and euro-dollar then spent the rest of the morning holding just off that high. It last traded at $1.2473. Initial resistance is still seen in the $1.2463-1.2509 region since the NY session last night with small stops noted above $1.2465 and $1.2510 from traders looking to initiate and add to short positions. Thecorrection lower following Friday’s NY rally sees immediate focus return to the $1.2328-57 region with overall focus on the $1.2042 2012 low.
