The pair opened at $1.1367 this morning in Asia, and early attention was on news concerning Greece and its debt negotiations. MNI sources cited Euroworking group meeting on Greece ending, but with various sides closer to agreement, as Germany, Finland, Netherland objections “eased.” Despite the signs of some progress, euro-dollar’s first move was down to $1.1357 before chatter of sovereign names who had been buyers overnight on dips below $1.1360, re-emerged and the euro again found demand off the lows. That pushed the euro higher to $1.1373 before easing to trade between $1.1365 to $1.1370 for the balance of the session. There was little else in terms of fresh news to drive the euro market through the Asian hours and euro-dollar last traded at $1.367. Through the Asia-Pacific hours, it marked a $1.1357 to $1.1373 range. Initial resistance lies at $1.1390 marking the 38.2% Fibonacci retracement of the pair’s $1.1449 to $1.1354 fall, support seen at $1.1354 (yesterday’s low), and below there, $1.1332 (18 Feb low).
