The pair was under selling pressure soon after it opened at $1.2923 this morning, largely thanks to sterling gains which translated to a weaker euro-sterling rate. Euro-dollar traded between $1.2912 and $1.2921 in early dealings but was driven down to $1.2901 after Asian markets opened. Euro-dollar briefly extended the low to $1.2897 but rebounded strongly after that. The euro uncovered fresh demand off that low and euro-dollar got back up to $1.2926 in the late morning, providing a broad boost to euro crosses in general, including euro-yen and euro-aussie. Euro-dollar continues to hold near that high as we head toward the final result of the Scotland referendum, and waslast at $1.2923. Looking ahead, the $1.2995 resistance is seen as key a close above to confirm an easing of bearish pressure. Topside stops are seen above $1.3000 today and on the downside below $1.2830.
