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Forex: EUR/USD hovering over 1.2765/70, Cyprus eyed

FXstreet.com (Barcelona) - The bloc currency remains in the lower end of today’s range as the NA session draws to a close. Market participants keep the focus on Thursday, when the Cypriot banking sector will be put to the test, as local banks will re-open their doors after the long bank holiday. Furthermore, tension amongst investors is expected to rise in light of the implementation of capital controls by the government.

At the moment, EUR/USD is down 0.64% at 1.2772 facing the next support at 1.2730 (low Nov.19) followed by 1.2685 (weekly cloud base) and then 1.2680 (61.8% of 1.2042-1.3711).
On the upside, a breakout of 1.2922 (MA10d) would then target 1.3050 (high Mar.25) and finally 1.3107 (high Mar.15).

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