The pair started at $1.3740 this morning in the Asia-Pacific following its $1.3728 to $1.3780 US trading range overnight. Early trading was muted, with euro-dollar trapped sideways between $1.3738 and $1.3746 amid a lack of strong interest in the pair. Talk of strong bids down at the $1.3725/20 region helped keep the pair afloat but the topside was also capped by reported sellers at $1.3750. The pair briefly got up to that high in the late morning/early afternoon and struggled to make further headway before finallypushing through to a $1.3752 high. Euro-dollar was last at $1.3748, having been lifted by euro-aussie gains as the Australian currency was dragged down off its initial highs earlier. Ahead, demand is seen in place at $1.3725/22, the region of the 50% retracement of the pair’s $1.3477 to $1.3967 move, with the March 6 low coming in at $1.3721 and stops then seen on a break below $1.3720. Up top, stops are noted building above Thursday’s 1.3798 high with a close above needed to ease the current bearish pressure that is targeting the $1.3643-1.3707 region with the 100-day movingaverage then noted at $1.3674.
