The pair started in Sydney this morning at $1.1475 after a volatile overnight session during which the single currency ranged from $1.1313 to $1.1533. Euro-dollar drifted lower from early in the session as the US dollar enjoyed some initial gains. Euro-dollar ran into further sellers as $1.1460 gave way and it then traded a low of $1.1455 just after Japanese stock markets opened. The move lower then encountered demand off the low, coinciding with euro-yen gains on stronger Japanese stocks, and euro-dollar then rebounded to $1.1476, with the catalysts cited as higher oil prices and weaker US economic data. Euro-dollar re-visited the lows after that before staging another rebound into the late morning/early afternoon. Euro-dollar was last at $1.1472. Demand is being cited around $1.1450 and $1.1420 while resistance is seen at $1.1533 (21 DMA).
