The pair ended the US session at $1.2482, seen as its first sub-$1.2500 close since August 2012 but that turned out to be the extent of euro-dollar’s lows for the session so far. Euro-dollar began to edge higher from the start of the day, creeping up to $1.2504 soon after Japanese stock markets got underway. Euro-dollar extended the gains marginally to $1.2509 after that but then ran into difficulties making further progress until the late morning. It broke high to $1.2522 a few minutes before the RBA decision and then followed aussie-dollar further up to a high of $1.2531, after the RBA. Euro-dollar was last at $1.2518. Initial resistance is still seen in the $1.2521-44 region but a close back above $1.2632 is needed to ease bearish pressure. Stops are noted above $1.2550 and $1.2640 today and on the downside below $1.2430 and $1.2400.
