EUR/USD caught a downdraft in early New York trade after a bearish technical analysis made the rounds. Prices bottomed just below the 1.2800 level before rebounding to about 1.2860. Flows remain light, dealers report, with customer interest particularly limited. Spec positions are being kept small and stops tight, adding to whippy price action. That state of play may remain in place for the balance of the month as institutional players try and preserve capital through the end of the year. Offers lie in the 1.2875/95 area, dealers report.