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Yesterday afternoon the question was raised here surrounding the reaction in the EUR/USD to the US CPI report. That update questioned what was deemed an overreaction. That update also suggested the move to 1.0355 was not exactly a ringing endorsement of dollar weakness. Well, eventually and as suspected the Euro fall back and took out the 1.03 handle on the downside. It then slumped below the earlier session low around 1.0286. That fall definitely tripped stops and stop reversals, is it fell to 1.0257. The rebound from there saw the Euro later close in the US at 1.0289. The price action so far today has been covered by 1.0281 to 1.0301. The fact that US yields remain subdued and the global stock markets are still very much on the front foot again this morning could arguably deliver more topside for the EUR/USD. Well, so far it has not, as you can see on the screen in front of you. The EUR/USD is right now at 1.0297
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