Another lackluster session for the euro, with euro-dollar gaining modestly in line with the improved risk appetite, though the overall trading range today remained fairly tight. Euro-dollar opened at $1.3673, just off last night’s $1.3681 US session high. It was confined to between $1.3670 and $1.3676 in the early hours of the session but got a lift to $1.3677 after the aussie rose on the NAB survey reading. Euro-dollar pulled back to $1.3666 after failing to sustain the gains but recovered again in the late morning, this time getting up to a $1.3680 high. Gains stalled again while follow-through was severelylacking, keeping euro-dollar at $1.3676 currently. The pair has managed to hold above the 21-day moving average this morning and while that holds, at $1.3636, the immediate focus remains on retests of last week’s $1.3739 high with this level having previously supported on Dec. 30 and 31. Stops are noted below $1.3625 and above $1.3740.
