EUR/USD backs down after extending gains close to 1.1150

Well, its is hoped the following noted move it not much of a surprise to anyone reading this update, but the EUR/USD has extended the breakout move to above 1.11 now today. In fact, it came very close to the 1.1150 level and hence another step closer to a potential move above 1.1214. This was a prospect endorsed here a few times already, but in truth it seems to have unfolded faster than envisaged. The high seen on the EUR/USD was set at 1.1144, but it has backed away from that now and that is not too much of a surprise given it tested 1.0800 earlier this morning. So, that is one heck of a move by any measure and especially that seen in recent years. In fact, it is probably the biggest move seen in any European morning session since 2020. The price action now is seeing it reverse lower and that looks based on intraday profit taking at this stage. The EUR/USD is right now at 1.1080