The pair traded a low of $1.3220 on Friday in the US after Yellen’s Jackson Hole speech but started this morning on a weaker note following weekend remarks from ECB President Mario Draghi at the same event. Euro-dollar started at $1.3211 but early declines ran into rumored demand from $1.3200, supposedly related to a barrier there. The demand failed to stop euro’s decline and it then slipped through $1.3200 for a fresh 2104 low of $1.3184 even before Asian markets got underway. There was a mild recovery then through $1.3200 with euro-dollar then retracing back to $1.3206 with very little upside momentum noted so far. The pair was last at $1.3202 and is seen needing a move through $1.3215 to encourage stronger recovery. Stops are noted above $1.3260 and $1.3300 today. Key for the pair will be the release of German Ifo data due in Europe today.
