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EUR/USD backs off from earlier highs as Dollar index gains extend

Earlier today the EUR/USD was trying to press higher and edging above 1.0775. However, over the course of the past couple of hours, the Euro has dropped back to below 1.0750, as the Dollar index (USDX) rises closer to that noted and important level, at 104.33. The push higher in the dollar has also helped to stall the earlier rebound in the GBP/USD, after that came close to recapturing the 1.26 handle, but stalled at 1.2591. The next support of note on the EUR/USD would be the low seen on Friday, when it fell to 1.0724, immediately after the US jobs report. It is currently trading at 1.0746 
 

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