The pair started this morning’s session at $1.2188 and saw an early retreat to $1.2167 as the US dollar enjoyed a bid tone at the start of the day’s activities. The US dollar gains were shortlived though as the region’s main stock markets gained, led by mainland Chinese markets, which buoyed risk sentiment and propelled euro-yen higher as well. Euro-dollar saw a resurgence back to the opening levels and it then pushed further up to a $1.2193 high just as euro-yen also topped out. Euro-dollar backed away a bit to last trade at $1.2190, just about where it had started the day. Dealers cite strong demand linked to a $1.2150 barrier while topside orders are said to be light, with sellers only noted from above $1.2230. Layers of resistance also remain in the $1.2196-1.2302 region with a close above $1.2302 to confirm an easing of bearish pressure.
