The pair started this morning at $1.0852 following a $1.0838 to $1.0882 range during the US hours last night. It slipped through the early hours of the session today, trading $1.0825 soon after Japanese stock markets got underway. Broad US dollar demand continued to weigh on the euro but losses were initially contained at $1.0825. The late morning surge in dollar-yen then sparked a broader US dollar rally, and despite heavy demand for the euro near $1.0800, the barrier there eventually gave way and the single currency then slumped to a new session low of $1.0785. There was a small recovery after that, with euro-dollar then climbing back to $1.0805. It last traded at $1.0800, with the next level of support seen at $1.0759 (Sept 2003 low).
