FXstreet.com (San Francisco) - EUR/USD traded a broad range and closed at 8-week lows (1.2770) on Wednesday as U.S. fiscal woes return to the limelight a day after U.S. President Barack Obama’s re-election.

At the start of today’s Asian session, headlines hit newswires that the Greek Parliament has finally secured enough votes to pass a bill on more austerity measures, but the EUR/USD’s reaction was very limited yet still “[maintains] the overall bearish momentum,” comments Valeria Bednarik, Chief Analyst at FXstreet.com.

Ms. Bednarik also says that, after spot found support in the 1.2740 area, an “upward corrective movement may continue towards 1.2800, yet if local share markets follow their overseas partners, we may see a retest of mentioned 1.2740, while a break below will surely signal further falls to come this Thursday.” The analyst says that bears should remain in control while spot holds below 1.28.

EUR/USD currently sits at 1.2760, with a 38.2% Fibonacci retracement of the advance from 1.2040 to 1.3070 now offered as immediate support. 1.2825 (Oct 11 low) is noted as immediate resistance.