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EUR/USD fails to drive home its advantage as it homes in on 1.0721 again

The EUR/USD did rebound back above the 1.0800 handle yesterday afternoon following the lower than forecast US PPI print. The EUR/USD lifted immediately to 1.0816 (as reported on here at the time), but it simply could not hold the gain, despite the drop in US yields. The fall that ensued saw it drop back steeply into the 4pm London fix. The EUR/USD later closed in the US at 1.0737. It has dropped a bit more so far today. It is now edging closer to the low seen on Tuesday, when it based out at 1.0720.That price point was right on a noted technical, Fibonacci level, at 1.0721. That price level does look rather magnetic again this morning too. The low seen so far has been set just now at 1.0728. So, what cannot go up looks like it has to go lower, right? We shall see from here on 
 

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