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Forex: EUR/USD holds above 1.28 amid Italy's uncertainty

FXstreet.com (Barcelona) - With Italy's political uncertainty in the middle of its process and capital controls in Cyprus ready to last at least 1 month, minister said, EUR/USD is last still barely above the 1.28 handle, gapping slightly to the downside in early Asia-Pacific. The pair has printed a session low so far during the interbank pre-open at 1.2796, now off those lows at 1.2807 bids.

Low liquidity is expected so far till Tokyo open with rising tensions on the North Korea front, pressuring against the Yen, while Manufacturing PMI China will be biggest risk event of the current session, ahead of another day in Europe closed for Eastern. Most parts of Europe also changed to daylight savings time. Conversations in Italy taking place at the moment will be main source of sudden volatility in the pair in the next London morning.

Immediate support to the downside for EUR/USD lies at Friday's lows 1.2790, followed by Wednesday's/Thursday's new 2013 lows at 1.2753/50, and Nov 21 lows at 1.2733. To the upside, closest resistance shows at March 25/26 lows 1.2826, followed by Friday's highs at 1.2835, and Thursday's highs at 1.2845, ahead of 200 day SMA at 1.2885.

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960 pips epic decline. The EUR/USD opened the year at 1.3185, in January the pair advanced more than 500 pips to the 1.3575 level and in the first day of February, the Euro even advanced to the highest since November 2011 at 1.3710 but suddenly something changed.
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Italian Prime Minister Giorgio Napolitano continued, without success, negotiations to form a coalition government over the weekend, saying he would keep trying to find new options to unravel the gridlock.
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