Another lackluster morning for the EUR today with the ECB’s policy decision due ahead in a few hours. Euro-dollar started this morning at $1.2311, after sliding to an overnight low of $1.2301 during the US hours, its lowest for 2014 so far and its worst level since Aug 2012. Euro-dollar traded lower in early dealings, reaching a low of $1.2307 as the dollar continued to mark gains vs the Japanese yen. Euro-dollar however recovered after that as a stronger euro-yen rate provided relief. Euro-dollar reached $1.2320 but that was the extent of the session’s range as option-related interest on both sides of the market kept the pair confined wiuthin the early trading band. The market consolidated the moves soon after and euro-dollar eased a few notches ahead pof the ECB decision to last trade at $1.2313. Stops are noted below $1.2300 with rumored option related demand currently supporting above this level. Up top sellers are noted at $1.2350/55.
