The pair opened at $1.3545 this morning in Asia and then followed euro-yen lower to a $1.3508 low less than 30 minutes after Japanese stocks opened in the red. Euro-dollar shuffled between that and $1.3515 after that despite several accounts showing interest to sell the euro down through $1.3500. According to market sources, demand from $1.3500 and $1.3495 kept the pair propped up, with these then intensifying after aussie-dollar rebounded off the lows following China’s release of better-than-expected Q4 GDP data. Euro-dollar rebounded to $1.3538 before the move stalled again, with euro-dollar last at $1.3528, just under Friday’s US session close of $1.3541. The immediate focusremains on the $1.3487 Nov 25 low to the downside while above current levels, offers are seen from $1.3550/55 and a close above $1.3581 is needed to relieve the immediate bearish pressure. Further up, a close above the 21-day moving average at $1.3657 would shift the focus higher.
