Forex: EUR/USD prints new weekly low at 1.2970

EUR/USD is going through some post NY pressure, and after briefly tempering a bearish run coming off a double top around 1.3070 in the past European session, which saw mild bids noted at 1.2980, the pair is making new lows for the week as sellers continue to target the lowest of the year at 1.2966. Earlier upbeat ADP number triggered bear sentiment.

Despite the move, and ahead of the ECB meeting, FXWW founder Sean Lee notes, "similar to yesterday, it’s unlikely that we will see any significant movement during the Asian session." Sean points at the initial support isat Monday’s lows near 1.2960/70 and "30/40 pip rallies are likely to attract sellers so picking the edges of a tight range looks like being the key" he says.