The pair opened this morning at $1.1834 after offshore markets were treated to a $1.1786 to $1.1873 range overnight and slipped in early dealings to a $1.1823 low as it tracked euro-yen’s declines following a lower opening in Japanese stocks. From there, euro-dollar recovered strongly, climbing back through the opening levels and reaching $1.1848. It pulled back marginally and then held a $1.1840 to $1.1847 range through the release of China’s trade data. Euro-dollar then resumed its march higher in the late morning, trading a session high of $1.1860, as it took its cue from a fast-recovering aussie-dollar rate. Euro-dollar last trades at $1.1840, with demand seen around $1.1760, and further demand is expected ahead of the $1.1750 option barrier (expiring Jan. 16). Up above this morning’s $1.1860 highs, sell orders are believed to still be in place around $1.1900, technical resistance then noted further up at $1.1946, marking the 23.6% Fibo of the pair’s $1.2569 to $1.1753 fall. Stops are also noted above $1.1900 and below $1.1750.
