The pair traded another fresh low for the year so far this morning in Asia, thanks to the broader US dollar rally today. Euro-dollar opened at $1.3128 this morning and spent the early hours between $1.3130 and a session high of $1.3133. With all eyes on this week’s ECB decision, euro-dollar saw little upside interest with dollar-yen’s rally then turning against the euro, as it pulled back toward $1.3120. Euro-dollar continued to trade heavy and extended the lows to $1.3117, a fresh low for 2014 so far. Euro-dollar recovered some ground after that, to last trade at $1.3120, as talk of demand from $1.3115 helped to contain the pair’s losses. Strong bids are also noted from $1.3110down to $1.3100, which are likely to keep the pair supported for now. Layers of resistance remain in the $1.3159 to $1.3485 region with a close above $1.3221 to ease bearish pressure and above $1.3333 to confirm a break of the 21-day moving average at $1.3285.
