Buyers in the 1.2750's had been expected to prop EUR/USD and although these orders did not emerge until the low 1.2740's they eventually limited the downside. 1.2743 printed before the price bounced but still dealers talk of muted interest this morning.
Flows are reflecting the European All Saints Day holiday and only a break outside 1.2735/85 is expected to generate fresh follow-through. Looking ahead, Dealers may be factoring in a slightly better than expected US ISM reading but with Housing data also set for release at 15:00 GMT, and expected to disappoint, the Dollar is tipped to remain on the defensive into the North American session and beyond.
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