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Yes, check both low and high pressure steering lines for leaks. I suggest starting with where the low pressure line connects to the pump. My 240 leaked there and I've seen a 2003 V70 leak there too.
Bill's idea about emptying the fluid reservoir with a turkey baster is good one too. The rack on my 850 had a slow leak. Eventually I discovered it was the rack seals. So I emptied it and refilled with Mobil 1 ATF. Did this a few times over the course of a week or so. After about a month the leak stopped! Now about every 2 years I need to repeat the process but much cheaper than a new rack...:)
One caveat: Per Klaus' advise, only do the conversion to Mobil 1 or other synthetic ATF if your car does NOT require Pentosin fluid.
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