Dealers report fresh buying interest from Eastern European accounts on weakness below 1.2970 this morning. Stops are building below the 1.2940 level, they also report, as short-term traders lean against options-protection and central bank reserve diversification for comfort. Some fear prices could slide later in the day as accounts that set stops below 1.2980 on a closing basis come to market to offload stale EUR/USD longs. EUR/USD trades at 1.2971.
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