The pair witnessed another dull session during the Asia-Pacific hours today, following its $1.3637 to $1.3677 range in the US overnight. Soon after the euro opened at $1.3671 this morning, it gravitated lower to $1.3663 after the re-opening of Japanese stock markets and then witnessed a mild bounce back to $1.3670. Some early talk of decent-sized stop-loss sell orders from below the overnight low, at $1.3630, attracted somesellers off the high but the pair only reached a low of $1.3656 as momentum faded. Mild short-covering interest followed after that, nudging the pair up to last trade at $1.3667. Talk of sell orders ahead above the 21-day moving average at $1.3680, from $1.3690 has capped the pair. Meanwhile, a close below $1.3638 is needed to ease the current bullish pressure and see the focus return to last week’s lows and the 100-day ($1.3551) that supported last week.
