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EUR/USD edges above 1.09 this morning following a disappointing month close

The rebound in the dollar for the monthly close yesterday saw the EUR/USD make a more decisive break below the former support level at 1.0965. There is no doubt that more stops were tripped on the move below 1.0950. The breakdown there eventually led the Euro to below 1.09 and to as low as 1.0879 yesterday evening ahead of the monthly close. The EUR/USD later closed the month out in the US at 1.0888. That was surely a disappointment to anyone looking for a monthly close above the 1.10 handle. Nevertheless, the Euro has managed a modest rebound so far today, reaching a high at 1.0913 so far. However, in terms of resuming the uptrend, that is far from convincing. The EUR/USD is just now trading at 1.0907
 

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