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EUR/USD creeping closer to a new 2024 low
Yesterday a series of updates here once again highlighted the risks of the EUR/USD falling to test the current 2024 low at 1.0601. Well, since then it has not rebounded at all and continues to edge lower towards that low. The EUR/USD closed in the US last night at 1.0655. The range seen so far today has been covered by 1.0630 to 1.0663 and it is right at the lower end of that range as this update is written. It seems to be that a test of 1.0601, whilst not guaranteed of course, is becoming increasingly magnetic. The reasons for that have been outlined here before and in brief that has much to do with rotational stock price action between Europe and the US. There will be more to add on that shortly, when addressing the major European stock markets this morning. Meantime, the EUR/USD is currently trading at 1.0632
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