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Analysts: EUR/USD comments

Morgan Stanley: Sell from $1.3180 with a stop at $1.3280 and a target of $1.2800. Political risks start weighing on rate differentials of peripheral bonds. Greece returned into the limelight, while recent figures showed capital outflow from equity market and a decline in FDIs.

Citigroup: Sell with a target of $1.2750 and with a stop at $1.3315. Increase of European Banking sector risks will pull the pair down.

Commerzbank: EUR/USD has sold off to and is consolidating at the 200-day MA. We would allow for a small rebound from here, but look for the rebound to be relatively tepid, failing circa 1.3170/1.3250. We maintain a negative stance.

Rabobank: Over the summer months the EUR is likely to continue finding reasonable support on the unwinding of diversification trades. Currently the convergence of the 50-, 100- and 200-day SMAs is likely to offer solid downside protection.

Chart. Daily EUR/USD

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