The pair started in Asia this morning at $1.3193 after a $1.3168 to $1.3210 range during the US hours last night. It tracked euro-yen lower in early dealings and marked a low of $1.3189 after Japanese stocks opened. Euro-dollar began to creep higher after that and took aim at a rebound back through $1.3200. The pair’s edged through $1.3210 and set off mionr stop-losses above that, providing fuel for a subsequent rally. Euro-dollar then rode on the US dollar’s weakness elsewhere and climbed to a high of $1.3217 in the early afternoon here as short positions were eventually squeezed. Euro-dollar was last at $1.3214. Looking ahead, while the $1.3220 level caps, the immediate focus for the pair remains on the $1.3101 Sept 2013 monthly low. Stops are noted above $1.3220 and $1.3300 today and on the downside below $1.3150.
