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EUR/USD fails to drive home a technical advantage
The rise to a new interim high yesterday in the EUR/USD opened up the possibility for more gains above 1.0450. Well, in the event the break above 1.0437 only extended by 20 pips, to 1.0457, as was reported on here at the time. The subsequent price action saw the Euro drift back down into the US close, where it later ended that session at 1.0409. As far as Euro bulls might be concerned, that was surely a rather unhappy ending. It was not technically brilliant either. The price action since the US close has been covered by another dip below the 1.0400 handle (1.0397 the low) and a high at 1.0418. Perhaps the push higher in US yields since yesterday has acted as a brake on Euro gains and that does seem likely. There will be more to add as the day unfolds. The EUR/USD is currently trading at 1.0408
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