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Can you EUR/USD make a decisive move this time?

There is a lot for the EUR/USD to contend with today in terms of US data releases later today. Yesterday the rebound from a low at 1.0674 started to unfold right after the 4pm London FX fix and led the Euro back above 1.07 into the close. That rebound was helped by the move higher in US stock futures and the EUR/USD closed at 1.0725. Despite rebounding though, it was not a conclusive move and has done nothing in terms of any of us trying to fathom out a more decisive directional trend. The truth is there is no trend at the moment and that is partly because the EUR/USD has been the wash-through for EUR/JPY and USD/JPY trades for a long while now. If it were not for that, the divergence between the EU and the US economies would probably be more telling that it has been to date. The Euro will react to the important US data releases later on, but as to whether that is more of a directional reaction or not remains to be seen. Resistance is in place now at 1.0795 (50 day moving average) and 1.0798 (200 day moving average). Support is in place at 1.0650 and 1.0600. The EUR/USD is currently trading at 1.0733
 

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