Another dull session for the euro this morning as it opened at $1.3609 after last night’s $1.3589 to $1.3618 US range. The pair slipped below $1.3600 to $1.3596 as regional stocks weakened near the open and amid concerns about Portugal’s banking problems. The pair however ran into decent bids from $1.3570/60 and triggered a mild recovery back to $1.3600. It continued to hover on either side of $1.3600 as the session wore on but failed to find fresh momentum for a strong move in either direction. Euro-dollar was last at $1.3600. The pullback from Thursday’s high has again found support ahead of the$1.3564-76 region. A close below $1.3564 would end bullish hopes and shift immediate focus back to the key $1.3503-12 region. While the $1.3564-76 region supports, bulls will continue to target the $1.3676-00 region where the 200-day moving average and Bollinger band top are located.
