The pair opened at $1.3886 in the Asia-Pacific this morning after a $1.3854 to $1.3900 range in the US last night. It spent most of the morning in a narrow $1.3881 to $1.3897 range after the early attempt to push through last night’s high failed in the face of selling interest at that level. Talk of strong stop-loss buy orders above $1.3900 kept market interest up for a move toward that and euro-dollar eventually made another move to session high late in the morning. The pair turned back off the high and went to $1.3895 after that where it held through much of the early afternoon. Euro-dollar was last at$1.3895 having failed yet again to make further headwya through $1.3900 ahead of the European open. Still, the euro’s overnight close above the previous key resistance at $1.3879 has added further support to the bullish case and has seen the focus shift to the $1.3947-67 region. Daily tech studies are also supportive of further topside and have room to move before becoming overbought.
