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EUR/USD edges back towards 1.07

The rebound in the EUR/USD from Friday was unable to make much progress beyond 1.0750. The  high seen was set at 1.0756 and the Euro later fell back into the US close, where it ended the day at 1.0718. It has now made any progress so far today. The rebound in the USD/JPY has seemingly been the major driver here. The EUR/USD is now slipping very close to the 1.07 handle and the drop back comes ahead of some more German data due out shortly. That is at 7am GMT and its is the latest Industrial output data. However, more often than not the Euro ignores this data, but we shall see if that is the case today. The range seen so far has been covered by 1.0702 to 1.0722. It is just now right on that session low 

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