The pair opened in Asia at $1.1031, and marked an early $1.1024 to $1.1034 range, the top marking the 38.2% fibo retracement of yesterday’s $1.1113 to $1.0986 fall, following last night’s ECB decision. Euro-dollar encountered some early selling pressure which pushed it down to fresh session low of $1.1014, mainly attributed to euro-yen supply near the Tokyo fix. Euro-dollar regained some ground after that but the recovery has been generally tame as flow slowed to a trickle ahead of US jobs report. The pair edged back up in the late morning and was last traded at $1.1026. Further consolidation is likely through the rest of the Asian session, the next risk event is EU Q4 GDP due at 1000 GMT, followed by US NFP at 1330 GMT. Initial support lies at $1.0986 (yesterday’s low), topside resistance is at $1.1049, marking the 50% fibo retracement of yesterday’s $1.1113 to $1.0986 fall
