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EUR/USD backs off from a brief look above 1.0700

Yesterday the EUR/USD hit a session low at 1.0664 not long after the 4pm London fix. The rebound that followed was all about a relapse in US yields and that helped the EUR/USD lift back above 1.07 ahead of the US close, where it lated ended the day at exactly that level. The high seen earlier today was set at 1.0702, but it has dropped back again since and it is near session lows (1.0681) as I write this update. The price action is contained, there can be no dispute on that. The immediate technical indicators are still more positive than negative in the very short term, but further out it is not the same. The 21 day moving average is still rising (now at 1.0604), but the rebound from the fall seen in the summer (1.1276 to 1.0448) still looks corrective and it has to get above 1.0764 in order to potentially nullify that some more. That was a price point that clearly capped the topside on Friday and represents a 38.2% correction of that bracketed move. The EUR/USD is just now at 1.0683

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