The pair opened at $1.3928 after last night’s impressive rise to a $1.3952 high, its best since March 13. It started the Asian day shuffling $1.3925 and $1.3930 before making a brief run up to $1.3935. That was as far as it could go this morning, with the market unwilling to test sellers ahead, rumored to be from $1.3960, and possibly stacked all the way up to $1.4000. The ECB policy meeting is still the key event ahead though Fed chair Janet Yellen’s testimony before the Joint Economic Committee later Wednesday is also a potential source of risk ahead of that. Euro-dollar turned back down aroundmid-morning, and easily slipped back to the $1.3925 low before interest fizzled out again. Euro-dollar was last at $1.3925. The $1.3889-1.3905 region now becomes initial support with a close below to ease the current bullish pressure. A close below the 21-day moving average at $1.3847 would see the focus shift lower to last week’s $1.3771 low.
