The pair started today’s session at $1.2225 after a $1.2220 to $1.2302 range on Friday night in the US. Worries about Greece and last Friday’s gains in US Treasury yields put the euro under pressure as the morning got underway and euro-dollar re-visited Friday’s 2-year low of $1.2220 in early dealings. But pressure on the US dollar appeared later in the morning, prompting a modest recovery in the euro. Below the initial low, early demand was spotted from there down to $1.2215, while $1.2200 also sees an option expiry later Monday. Euro-dollar edged higher through the rest of the morning and peaked at $1.2249 in the late morning to last trade at $1.2248, with sellers also noted from $1.2250 and $1.2300/10. At current levels, the pair continues to hover precariously above last week’s fresh 2014 and 2-year lows with initial resistance remaining at $1.2302. The $1.2386 resistance remains key with a close above to confirm an easing of bearish pressure and above $1.2435 to shift focus back to the key $1.2599 level.
