The pair also had a fairly dull Asia-Pacific morning today as all attention remained on this week’s ECB meeting and as the aussie hogged the limelight today. Euro-dollar started at $1.2470 after it recovered off yesterday’s $1.2419 lows despite softer eurozone final PMI readings. Euro-dollar traded up to $1.2476 in the early few hours and then spent the subsequent few hours in a $1.2468 to $1.2476 range. The pair extended the low to $1.2467 as the dollar continued to creep higher, and as dealers highlighted the presence of a decent-sized $1,2500 option expiry due later today. Euro-dollar losses continued as the pair then sank to a $1.2462 low before it saw a mild rebound to $1.2470 a few minutes after the RBA decision. It was last at $1.2465. Downside stops are now noted below $1.2400 and $1.2350 with bears looking for a break lower to add weight to the bearish case.
