EUR/USD - 1.2728.. Euro has traded with a soft undertone in Asia n early European morning as cross-selling vs yen n gbp has continued to weigh on the single ccy after y'day's rise to a 2-month high of 1.2778 in NY session. M.E. names were spotted selling eur/yen earlier, usd/yen fell to 87.89. Good 2-way flows have been seen but interest to buy on dips remains with bids reported at 1.2710-1.2690 area n rumour (y'day) of huge stops have been placed below 1.2680 remains. On the upside, offers are reported fm 1.2750-70 n a mixture of more offers n stops is seen abv 1.2800. Euro's recent ascent is losing momentum, we believe market is long n any lvl abv 1.2800 is a sell today.
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