Another subdued session for the euro-zone currency this morning in Asia, ahead of Thursday’s ECB meeting. Euro-dollar opened at $1.3588, after a $1.3570 to $1.3614 overnight US range. It started the morning holding a very narrow $1.3584 to $1.3594 range amid a clear lack of interest in pushing the pair out of recent ranges. Euro-dollar caught a whiff of a bid tone around mid-morning, and was lifted to $1.3598 high, courtesy of the aussie’s continued falls, which carried euro-aussie higher, according to dealers. The cross gained to A$1.5024 high after opening at A$1.4872, and then backed off a bit to $1.4868 in the early afternoon. Euro-dollar also backed away a bit as the cross eased but was largely supported off $1.3580 amid talk of demand from $1.3570. Euro-dollar was last at $1.3590 but faces considerable offers ahead from$1.3620. A close above $1.3622 is needed to kick start topside momentum and reconfirm the bullish focus, but while the $1.3622 level caps a retest of $1.3521 is favored.
