The pair took out the $1.2716 resistance level and stops above in the last hour of NY trading as US 10Y futures traded at fresh 2014 highs with stops triggered in euro-sterling above Gbp0.7900 also providing the euro with support. The euro then traded a high of $1.2768 during the first hour of the Asian session but ran into profit-taking interest which capped the move. Euro-dollar then turned lower to trade at $1.2735 before regional stock markets began their sessions. Euro-dollar ran into fresh selling pressure as euro-yen also deflated and as stocks retreated, with the pair sliding to a $1.2714 low. A mild recovery attempt was seen after that with euro-dollar only reaching as far as $1.2732 as a stronger aussie rate also weighed down the euro via euro-aussie’s losses. Euro-dollar was last at $1.2720 with initial support seen down toward the $1.2700 mark. Its move through $1.2720 today puts it in range of a reported $1.2700 option expiry, with more expiries noted further down at $1.2650 region and at the $1.2625/20 area.
