The pair started the session today at $1.2960 after marking a $1.2935 to $1.2995 range during the US hours last night. The overnight spike however fell short of the $1.3000 level and stops above remained intact while selling interest was noted ahead of the $1.3000 level. Euro-dollar continued to retreat this morning in Asia, largely due to the dollar’s broader recovery off overnight lows. Euro-dollar slipped to an early low of $1.2949 and then spent the rest of the morning chopping around between that and $1.2960. Euro-dollar was last at $1.2949, with a close above $1.3000 needed to confirm an easing ofbearish pressure. While the $1.3000 level caps, focus remains on the $1.2745 2013 low. Downside stops are noted below $1.2900 and $1.2850 with tonight’s FOMCstatement likely to be the deciding factor for the next move.
