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Some analysts said the euro was more likely to remain under pressure as markets refocus on the euro zone's debt crisis, with any indication of monetary stimulus or comments on economic weakness seen pushing the euro zone common currency lower.
But some investors speculated there was too much bearishness and that if the ECB was not too negative, the euro could rally.
Currency speculators became net buyers of the euro for the first time since August 2011 in the week to Dec. 31, according to data from the Commodity Futures Trading Commission released on Friday.
The euro was last up 0.2 percent at $1.3088, just off the session peak of $1.3090.
Center>Copyright Reuters, 2013