The euro slipped below the 1.2500 level to hit its lowest rate in almost 2 years at 1.2495 at the beginning of the New York session, weighed down by new concerns about Spain, although it managed to quickly bounce.
However, the recovery stalled at the 1.2545 area, where the 20-hour SMA offered resistance, confining the cross to a stage of sideways consolidation between those levels. At time of writing, EUR/USD is trading around 1.2515, down 0.1% on the day.
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