EUR/USD opened in Asia at $1.1184, toward the lower end of the $1.1160 to $1.1240 range seen yesterday. The pair slipped early to $1.1177 but bids from around the $1.1155/50 region provided support. The pair traded off that low for the next few hours and then ran through $1.1190 in the late morning for a high of $1.1196 so far. There has been little follow-through and interest so far has also been relatively thin. More consolidation is anticipated ahead of German retail sales and EU PPI data due later today. Euro-dollar last trades at $1.1191 with resistance seen ahead at $1.1244, the 38.2% of the $1.1380 to $1.1160 fall, while chunky offers are also noted from around $1.1250, up to $1.1300. On the downside, initial support lies at $1.1160 (yesterday’s low), below there, key supports lies at the January and multi-year low at $1.1098, with buy orders also noted at the $1.1155/50 zone and then toward $1.1100.
