It’s been another dull session for the EUR/USD this morning after it opened at $1.0698 in Sydney and then gapped down to $1.0670 before then making a slow recovery back. The euro crept back up through $1.0700 and traded a high of $1.0717 just before Japanese stock markets opened. Traders say Japanese retail accounts were seen buying euro-yen in early trade, which helped lift euro-dollar back above $1.0700. The gains were not sustained and euro-dollar retreated to $1.0698 before another run higher was seen as Japanese stocks reversed direction into positive territory. Late morning action saw euro-dollar consolidate some of the initial gains and it slipped back to $1.0677. The pair last traded at $1.0682. It is likely euro-dollar continues to consolidate through the rest of the Asian session today, the ECB’s Draghi is set to speak at 0800 GMT and traders are unlikely to accumulate fresh positions ahead of that. There’s also market chatter of an option barrier at $1.0650, and as usual, expect buyers defending that level with stops below. Further up, sell orders are being touted around $1.0750 with more seen on approach toward $1.0800
