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I had the same problem until recently. I own a 2002 530i sports edition and yours might look the same. The top of my reservoir cap reads ATF fluid, so i was under the assumption that it was for my Transmission Fluid. But that is actually the Power Steering fluid reservoir that leads right to the power steeping pump. It is located on the drivers side front end behind the fan sheild. Remove the cap and the fluid should look pinkish in color with no deris. The cap itself has the refill line located on the dip stick. I hope that was helpful for youl.
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