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EUR/USD edges back from 1.10 again

Yesterday afternoon an update here noted the 1.10 handle coming in the crosshairs on the EUR/USD and it did eventually rise above that level, as the dollar continued to remain friendless. The Euro reached a high of 1.1009 after the European close and just failed to set a daily close above 1.10, when ending the US session at 1.0993. Earlier today the Euro topped out at 1.1004. It has backed off a bit now though, falling to a session low a short while ago at 1.0977. The slight rebound in US treasury yields might have accounted for the lack of traction above 1.10 so far this morning. That said, there seems little reason to look for much in the way of downside at the moment, but careful consideration of the price action is going to be important and the key to more upside, will be if we see a break above the current interim high at 1.1017, reached on November 29. The EUR/USD is currently trading at 1.0986
 

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