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EUR/USD continues to press higher as risk aversion wanes

Following on from the previous update, noting the further rebound in the US stock market futures, the dollar versus Europe has weakened at the same time. That is a perfectly logical reaction and now the EUR/USD is close to session highs as it presses further, above 1.0670. The fact that it did not drop below 1.0600 earlier today is also a point worth repeating. The range seen since this time yesterday has of course remained intact and that is covered by 1.0611 to 1.0690. So, where it looked extremely unlikely for the EUR/USD upside correction to extend to test 1.0709 yesterday afternoon, that looks much less likely right now. Naturally, if there is fresh news to support a flight back into the US currency then that will unfold, but right now there seems a little less reason for that to happen. If the EUR/USD were to rise above 1.0690 now, then it would make sense to see that 1.0709 technical correction level tested. The EUR/USD is currently trading at 1.0670 
 

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