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EUR/USD: Marginal new lows, 1.31 barrier protection

FXStreet (Bali) - EUR/USD made marginal new lows along Asian hours, following the removal of stops above 104.50 in USD/JPY, which gave a major boost to the US Dollar against all its direct competitors.

EUR/USD set its lowest for the Asian session at 1.31165, surpassing is just 2 pips the last low seen in the early hours of Monday in Asia as well. Talk of 1.31 barrier protection should provide some short term support, with bids expected to protect the level.

Jim Langlands, Founder at FXCharts, notes: "There is no real change, and as with yesterday, the first downside target is close by at 1.3104 (6 Sept ’13 low). A break of 1.3100 would most likely see the Euro accelerate lower towards 1.3045(76.4% of 1.2754/ 1.3993)... on the topside, minor resistance is again seen at 1.3150 and then at 1.3165 (100 HMA)."

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