The pair opened this morning at $1.2734 after last night’s $1.2693 to $1.2765 range during the US hours. Euro-dollar witnessed a small, early lift as the US currency weakened at the start of the morning, with euro-dollar climbing above $1.2740 for an early high of $1.2739 seen just after Japanese stock markets opened. Euro-dollar turned lower after the high was traded, as players took profit on the move while euro sellers spotted around $1.2780/85 continued to chip away at the pair’s earlier moves. Euro-dollar then retreated to $1.2731 and marginally extended that to $1.2728 before staging another recovery in the late morning. This time round the pair got up to $1.2741 and held near there but saw little interest to substantially push the rate up ahead of tonight’s FOMC meeting. Euro-dollar was last at $1.2738 and initial supportis now noted at $1.2720. Stops are noted below $1.2720, $1.2680, $1.2600 and $1.2580. Topside stops are noted above $1.2800 and $1.2900.
