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EUR/USD edging higher this morning as IFO awaits

On Friday the EUR/USD rose above 1.10 earlier in the day. The high seen and reported on here was set at 1.1009. However, the weaker than expected French, German and EU PMI data delivered it a blow it was not able to recover from. The Euro was then further dented by stronger than expected equivalent data from the US, particularly in the service sector and that later helped to send the EUR/USD back below the 1.09 handle. It fell to as low as 1.0874, before later closing in the US at 1.0895. So, as you can see, we have a clearly defined, if not yet fully confirmed, double top in place above 1.10 now,  at 1.1019 and 1.1009. The EUR/USD has managed to rebound modestly so far today though, rising from an earlier Asian low at 1.0892, to 1.0921 so far. We have some relatively important German data out this morning- at latest IFO index, at 9am GMT. That might decide if the current recovery turns into something more meaningful from here, or not. The markets only expect a very modest improvement this time around in the IFO data. The EUR/USD is currently trading at 1.0920
 

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