The pair opened at $1.2506 after soft US data overnight allowed the single currency to rise to a $1.2532 high. Early dealings saw euro-dollar hugging a $1.2503/08 range before it tracked the aussie up to a $1.2510 in the wake of the capex data release. Euro-dollar turned back down after that jump, weighed down by persistent euro-yen weakness, and it then slipped through $1.2500 for a low of $1.2496 so far. Since then, there’s been only a minor recovery in the pair, and it last traded at $1.2501. Support is now seen at $1.2450/44 with demand then reported at $1.2420, down to $1.2400. Stops meanwhile are noted below $1.2480 and more importantly below $1.2440 and $1.2350. Topside stops are seen above $1.2600.
