The pair started in Asia at $1.1334, and was then confined to a narrow $1.1331 to $1.1341 range in early dealings in the session. The market was clearly in consolidation mode, waiting for further developments on Greece and more importantly, Fed Chair Yellen’s semi-annual testimony to Senate later today. Euro-dollar continued to hold within that $1.1330 to $1.1340 range right through to the mid-morning in Asia as trade interest fizzled out. A late morning drop in the aussie sparked a move lower in the euro also, with euro-dollar this time slipping to a $1.1324 low before bouncing again. It last traded at $1.1337. Major euro-dollar support is seen at $1.1265, the 61.8% fibo retracement of the pair’s $1.1098 to $1.1534 rise, while initial resistance lies at $1.1361, which is the 50% retracement of its $1.1428 to $1.1294 fall.
