The pair started at $1.2545 this morning in the Asia-Pacific after a $1.2509 to $1.2570 range during the US hours last night. Early dealings were muted for euro-dollar with dollar-yen taking up most of the attention of traders. Option-related buying and selling also appeared to be keep the pair confined to recent ranges with decent sized options noted with strikes on either side of the day’s range, at $1.2500 and $1.2580. It marked an early $1.2535 to $1.2555 range initially before getting a stronger lift from dollar-yen’s sharp withdrawal off the morning highs. Euro-dollar reached a $1.2569 high after that, almost matching last night’s high but couldn’t capitalize on that. The pair was last at $1.2557. Stops are noted topside above $1.2600 today with bulls needing a close above to shift immediate focus to the $1.2770-1.2885 region.
