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EUR/USD challenging daily lows early Asia

FXStreet (Buenos Aires) - As the day comes to an end, the EUR/USD trades at a new daily low of 1.2713 a couple of pips below the one set early US opening. The pair has been affected but rumors the ECB was ready to purchase junk bonds from Italy and Spain as part of the covered bonds purchase program. Later denied and everything coming from suspicious anonymous sources, the pair broke below 1.2780 Fibonacci level after the news, and never looked back: and attempt to recover found strong selling interest around it, pushing it down to fresh lows.

Technically, the pair trades at a fresh 4-day low approaching critical 1.2700 figure, immediate support as per being October 16th daily low. Strong speculative selling interest seems ready to resume the bearish dominant trend with some follow through below the level seeing next support at 1.2660. Short term resistances are now at 1.2740 and mentioned Fibonacci resistance at 1.2780.

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