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Forex: EUR/USD orbiting around 1.2930/35

FXstreet.com (Barcelona) - The bloc currency is grinding lower on Monday while traders continue to watch closely the developments in Cyprus and the debt markets in Spain and Italy.

”Notably, the reminder that investors are not being kept insulated from losses could lead to a widening of peripherals’ spreads and weigh on the euro. Even though confidence in the ECB's OMT and the fact that speculators are already net short euro should limit the downside in EUR/USD”, remarks K.Kirkegaard, Senior Analyst at Danske Bank.

As of writing, the cross is down 1.095 at 1.2932 facing the next support at 1.2881 (low Dec.10) would expose 1.2878 (low Dec.7) and finally 1.2848 (Lower Bollinger).
On the flip side, resistance levels are located at 1.3013 (MA10d) en route to 1.3090 (MA21d) and then 1.3129 (MA100d).

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