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EUR/USD edging higher today driven by gains in EUR/JPY

Outside of the sizeable gains seen in the USD/JPY so far today, the wider dollar has not made any progress. In fact, when looking at the best gauge of that overall, the USD index (USDX), the dollar is lower on balance. That has mostly been facilitated by a rebound in the EUR/USD so far this morning. The EUR/USD had closed in the US last night at 1.0924. It has just now edged above 1.0940, so as you can see, we are not talking about a huge move here at all. There is also little doubt here; that this is being largely driven by the EUR/JPY and more concerted buying in that cross, than in the EUR/USD itself. The other thing to consider, as the EUR/USD edges higher, is the still in place double top, at 1.1009 and 1.1019. That formation is still guarding the topside overall and so far it does not yet appear to be on the radar. However, it could become so, if the EUR/JPY remains near highs and the USD/JPY drops back substantially from now on, The EUR/USD is currently trading at 1.0942

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