It’s been yet another dull morning for the euro today in the Asia-Pacific, with euro-dollar stuck again in a very narrow trading range. The pair opened at $1.3933 near the top of last night’s $1.3880 to $1.3935 range in the US last night. It probed higher in early dealings as risk sentiment remained stable, reaching $1.3936 before turning lower. There’s been some talk of selling from Asian sovereign accounts but there was very little appetite to test these. Offers were also believed to be in place from $1.3950 and $1.3970 up toward $1.4000, which effectively capped euro-dollar’s gains. The pair retreated to a $1.3922 low where rumored demand from $1.3920 stepped in to hold the downside. The pair was last at $1.3926 with key support now seen at $1.3880. Stops are noted below $1.3880 with a close below needed to ease the bullish pressure.Bears continue to look for a close below $1.3824 to end bullish aspirations and hint at a deeper correction that initially targets the $1.3695-00 region.
