The pair started in Asia at $1.3855 after enjoying a boost to $1.3862 high last night in the US, from the session low of $1.3792. The pair initially traded sideways but stayed up near the top of the overnight range at $1.3850/60 in early trades this morning. IT pushed through the overnight high as the US dollar continued to weaken broadly in the Asian market, and reached a high of $1.3872 this morning. The move was however capped there as offers are said to be stacked ahead from $1.3875/85 and from $1.3890 to $1.3910, keeping further upticks at bay. Euro-dollar was last at $1.3851, just about where it had started the day. The overnight close above the 21-day moving average ($1.3809) confirms immediate focus on the key $1.3879 resistance level. Further up, aclose above $1.3879 provides additional support to the bullish case and sees the pair targeting the $1.3948-99 region.
