The pair opened at $1.3519 today in the Asia-Pacific after last night’s $1.3495 to $1.3529 range during the US hours. The pair rode on an early move higher in euro-yen and the mild improvement in risk sentiment to trade a $1.3527 high before running out of steam. The reversal in risk appetite then dragged euro-dollar back down through the opening levels and returning to the pre-Asia low of $1.3509. Dealers note a lack of firm interest in the pair as players look ahead to this week’s ECB meeting and Friday’s US non-farm payrolls data for stronger clues on the pair’s direction going forward. Before that, European service PMI data are due later Wednesday. Euro-dollar was last at$1.3504, with a close above $1.3575 seen as necessary to ease the current bearish focus that is targeting a break lower and a test of the 200-day moving average at $1.3383. A close back above the 21-day at $1.3383 would shift attention back to the $1.3740 level. Stops are meanwhile noted below $1.3475 and above $1.3575.
