The pair took another pounding in Asia today as it sank through the overnight low of $1.3575 and traded $1.3540, its worst level in 2 weeks. Euro-dollar opened at $1.3584 amid some signs of stabilizing after last night’s selldown. It chopped around initially between $1.3580 and $1.3590 but soon gave up as follow-through offers emerged. Euro-dollar slipped to an early low of $1.3561, where it consolidated a bit until after the CFLP PMI release. Losses resumed then, with the pair then sliding through its initial support at $1.3554, which marked a 38.2% retracement of the pair’s $1.3105 to $1.3833 move. Euro-dollar ran down to $1.3540, the lowest since Oct. 17, before finallystabilizing slightly off the low, at $1.3550/60. Euro-dollar was last at $1.3554 ahead of the European open, and with market attention switching over to a number of PMI releases due ahead in the remainder of the global session today.
