EUR/USD opened in Asia at $1.1339 following a $1.1288 to $1.1359 range during the US hours overnight. In early Asia-Pacific dealings, it carved out a rather narrow $1.1334 to $1.1343 with the US dollar seeing some recovery off following overnight weakness which followed Fed Chair Janet Yellen’s testimony to a Senate committee. Yellen is due to make her second testimony, this time to a House committee later today while the ECB’s Draghi is also due to speak today, although the topic is not market related. Euro-dollar broke out of the early range and rose to $1.1352 soon after Japanese stocks got underway, mainly in line with broader US dollar weakness elsewhere. Euro-dollar gains lost steam after that high was traded and the pair then consolidated lower, easing to $1.1342. It then held a $1.1340 to $1.1350 range through the rest of the session and last trades at $1.1346. Major euro-dollar support is seen at $1.1265, the 61.8% retracement of the pair’s $1.1098 to $1.1534 rise, while initial resistance lies at $1.1358, the 50% retracement of the $1.1428 to $1.1288 fall.
