Forex: EUR/USD at a new low in daily volatility, unchanged around 1.3165

FXstreet.com (Barcelona) - No change in the price of EURUSD so far in the week, last at 1.3262, just as it closed Friday, moving into a 44 pip daily range, with highs at fresh 8 ½ month peak 1.3188, and lows at 1.3144. The pair makes a new year 2012 daily average range volatility low with 78 pips, lowest in 5 five years. As latest COT shows, net positions are smallest since early Sept, with commercials still holding the long part, while specs take the other side.

As Valeria Bednarik, Chief Analyst at Fxstreet.com notes: "although technical readings remain flat in neutral territory, the upside is favored as long as price holds above the 1.3125 area, with scope to test 1.3250/80 if 1.3190 is taken," Valeria says, adding: "Below 1.3125 on the contrary, bearish correction may try to reach 1.3070 static support level."

The analyst finds support levels at: 1.3150, 1.3125 and 1.3090, and resistance levels at: 1.3190, 1.3245 and 1.3280.