Another lackluster morning for the euro in the Asia-Pacific today after it opened at $1.3642, just off last night’s $1.3648 US session high. Early market action saw euro-dollar trapped in a $1.3640/43 range before it managed to break higher to $1.3649 around mid-morning. The pair ran into rumored sellers from $1.3650 and it retraced a bit to around $1.3645. Another attempt to $1.3649 followed with the pair subsequently pulling back to $1.3642 this time. Little trades noted since then with euro-dollar still holding around $1.3645 last. Recent price action suggest the euro is poised for a move back to the $1.3676-00 region where the 55- & 200-DMA’s and Bollinger band top are located. Support is starting to develop at the $1.3638 level but stops are not seen until just below $1.3600 and $1.3560. Topside stops remain above $1.3700.
