The pair was an early mover this morning as speculators took advantage of thin, illiquid pre-Asian markets to drive the single currency through its Monday low of $1.1861. The move saw euro-dollar quickly slide to a low of $1.1843, its lowest since early-2006 before some stability emerged. Early Asian market action saw euro-dollar retrace higher, a move which also picked up some buyers just off the low at $1.1840. Euro-dollar paused for a while before fresh demand then appeared at $1.1880, which carried the pair further up for a high of $1.1891 before it then consolidated for the rest of the morning just below where it had started the morning, in a $1.1872/80 range. It last traded at $1.1878 with the Feb 27, 2006 low at $1.1827 serving as immediate support. Further down, Jan 2006 low comes in at $1.1802 followed by the Dec 30, 2005 low of $1.1779, while techs show support also coming in at $1.1791, a 3-week channel base projection.
