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EUR/USD edging lower in early European trading

Yesterday the EUR/USD was helped higher by combination of moves. The gains above 165 in the EUR/JPY was one driver and the lower US yields was another. The third came from a push above 1.27 in the GBP/USD. So, the EUR/USD managed to vault a technical level at 1.0874. That was the price point of the 100 day moving average (in place today at 1.0873). The high seen yesterday was set at 1.0885. The Euro was unable to sustain that move though, as the US dollar bounced back into the 4pm London fix. The EUR/USD later closed in the US at 1.0857. That close was pretty much in the middle of a range defined by that 100 day moving average and the 200 day moving average (now at 1.0833). Also around that price point we have the 50 day moving average, now at 1.0831. The Euro has been edging ever so slightly lower this morning. However, as you can see it is still very much in the midst of that defined range, as it waits to see what the US CPI data has to deliver later today. What we need is an outside number from that data, so that it can kick off a decent move later today, either side of that defined range. Meantime, the EUR/USD has just now hit  session low at 1.0848. The high seen earlier was set at 1.0860.It is currently trading at 1.0852
 

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