The pair stepped into Asia Friday at $1.3464 and dealt within a tight range of $1.3462 to $1.3468 through the morning. Generally quiet Asian session with 6-pips trading range, compared with NY’s range of $1.3458 to $1.3484. The euro-yen sits at Y137.05 near the middle of a tight Asian range of Y136.98 to Y137.09. The euro drifted to session lows in early trade before inching up to be paid at session high $1.3468 three times. Asian traders seemed in holiday mood preparing for Eid holiday on Monday, marking the end of the Muslim month of Ramadan, while German IFO business climate index and US durable goods data are due later today. Bulls need a close above $1.3513 to confirm an easing of bearish pressure and above $1.3589 to confirm breaks of the 21-DMA and falling daily channel top which ends bearish hopes and shifts focus to the $1.3651-1.3710 region. Meanwhile strong offers reported at $1.3485-95 level ahead of further offers at $1.3500-15 while trailing stops noted above $1.3505-10 level Bears eye a close below 2014 low at $1.3438 ahead medium demand at $1.3435-30, stops reported below $1.3427-25 and large stop sell order noted at $1.3420.
