The pair traded between $1.3559 and $1.3609 last night in the US, and opened in Asia at $1.3573 this morning, supported largely by euro-yen demand persisting since the NY afternoon session, according to dealers. But the euro found itself stuck in the mud this morning as much of the attention moved to the yen and aussie. Euro-dollar got up to a $1.3588 high earlier as euro-yen rose but some talk of possible sovereign offers from above $1.3600 was sufficient to drive buyers away from testing the overnight highs. The pair spent most of the session trading sideways just under the earlier Asian high without any interest to break out the initial range. Euro-dollar was last at $1.3586 with immediate focus now on the $1.3649 level that previously supported on the daily timeframe with a close below yesterday’s $1.3558 low needed to relieve the current bullish pressure while a close below the $1.3487 level is needed to see focus shiftlower to retests of the $1.3390 level.
