The pair traded a $1.3371 to $1.3399 range overnight in the US but failed to make progress beyond $1.3400. Euro-dollar then started the Asia-Pacific session in a narrow $1.3386/92 range so far this morning after it opened at $1.3391. It slipped to the low in early dealings but demand surrounding the $1.3350 barrier kept the pair’s downside potential limited. The pair continued to hold near $1.3387 despite risk appetite remaining calm following the release of Chinese PMI readings from the CFLP and HSBC. Further bids have been noted down at $1.3335 and $1.3320 while up top offers have also been cited at $1.3420/25 and from $1.3440 up toward $1.3480. Stops are noted below $1.3360 and above $1.3420, $1.3450, $1.3500 and $1.3550. While the $1.3445 level caps bears target the $1.3294 Nov 2013 monthly low. For now, the$1.3370-15 range is expected to contain the euro as traders anxiously await the release of US NFP data in NY Friday.
