The pair closed the New York session last night at $1.1287 as late losses in stocks produced fresh lows in euro-yen which fed through to euro-dollar breaking below $1.1300 and triggering sell-stops. Early dealings in the Asia-Pacific saw the pair run into further pressure as corporate accounts also sold down the euro for a low of $1.1273 in thin, pre-Asian liquidity. The pair however rebounded after that as euro-yen also began to take back some ground. It climbed to a session high of $1.1296 a few minutes after Japanese stocks opened before it then turned down again. The session took on a hushed tone thereafter and euro-dollar spent the next few hours confined to a $1.1284 to $1.1294 range. It saw another small move lower in the late morning as sellers persisted with offers from $1.1300, driving the pair down to a new session low of $1.1267. It last traded at $1.1271. Support is next seen at $1.1260 with this Tuesday’s $1.1224 low coming in below that.
