The pair opened the week at $1.1189, down from the Friday New York close of $1.1205 and ran into early selling pressure in response to Greek exit polls suggesting anti-austerity Syriza is set to win the Greek elections. Euro-dollar fell to $1.1141 in early dealings but was initially held up by rumored demand linked to a $1.1100 barrier. This soon faltered and euro-dollar then retreated further for a low of $1.1098. That marked euro-dollar’s lowest since Sept 2003. The move however ran aground soon after and euro-dollar crept back up only to trigger a squeeze on extended short positions. The subsequent move then saw euro-dollar rebound sharply to a $1.1202 high. That too was not sustained and the pair eased a few notches, to trade back toward $1.1150. It last traded at $1.1176. Below this morning’s lows, there are further sell-stops rumored below $1.1095 while up top, stops are also seen on a break above
$1.1205.
