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EUR/USD steadies at 1-year lows

FXStreet (Córdoba) - The EUR/USD has steadied at lower levels Monday after hitting a fresh 1-year low during the first hours of trading.

The EUR/USD had left a small gap lower at the weekly opening and hit its lowest level in roughly 1 year at 1.3118 during the Asian session. The pair came under renewed pressure Friday afternoon in NY and broke below the 1.3150 area amid month-end flows, opening the way to fresh cycle lows.

The euro has recovered a few pips at the beginning of the European trade and it is currently trading at 1.3130, virtually unchanged on the day.

Market focus remains on the European Central Bank decision, due on Thursday after Draghi hinted further easing measures (ie QE) as possible a couple of weeks ago in Jackson Hole. Today US markets will remain closed due to the Labor Day holiday.

EUR/USD levels to watch

In terms of technical levels, immediate supports for EUR/USD are seen at 1.3118 (Sep 1 low), 1.3104 (Sep 6 2013 low) and 1.3100 (psychological level). On the other hand, resistances could be found at 1.3140 (20-hour SMA), 1.3195 (Aug 29 high) and 1.3210 (10-day SMA).

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