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Forex: EUR/USD takes a breather below 1.2900 following EU's Dijsselbloem words

FXstreet.com (Barcelona) - Another slow session in Asia-Pacific as usual when previous London and New York sessions make big moves, with EUR/USD last at 1.2869, inside of a tiny trading range of 8 pips for almost last 3 hours, off late NY session lows at 1.2842, and capped to the upside below session highs at 1.2872. The pair is down -0.92% for the week so far, down from yesterday's weekly highs at 1.3050 following EU's Dijsselbloem comments post Cyprus bailout deal agreement.

As FXWW founder Sean Lee puts it: “Pretty typical Asian session kills all momentum out of the market,” the analyst notes, adding: “Watch for trailing stops above 1.2900 in EUR/USD top come into view later on. Obviously the market isn’t entirely comfortable about getting short at these levels and hence the tight trailing stops,” Sean concludes.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com: “Short term oversold according to the hourly chart, the pair consolidates capped by former support in the 1.2880 area that now should attract selling interest if reached,” the analyst suggests, adding: “In the 4 hours chart technical readings head lower in negative territory, far from oversold readings, and supporting further slides for the upcoming session. Investors eye now the 1.2660 level, past November low, as main target for current move,” she concludes.

Valeria spots support levels at: 1.2810, 1.2770 and 1.2735, while resistance levels at: 1.2880, 1.2920 and 1.2950.

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