EUR/USD finally nails technical level at 1.0743

The more than 175 pip slide in the USD/JPY not long ago allowed for the EUR/USD to rise to its best levels of the week so far, notwithstanding a slide in the EUR/JPY at the same time. The EUR/USD traded to exactly 1.0743. That means it has now nailed the much touted technical level in recent updates. That price point represents a 50% correction of the 1.0885-1.0601 fall. So, now that it has been met perfectly, where to next? Well, of course much will depend on the price action in the USD/JPY now today and certainly that slide a short while ago has injected a more two-way potential into the price action on the Yen. The US PCE data will be front and centre to any further gains in the Euro too. That is assuming that 1.0743 does not define the top of the shop today and correct enough of the recent price action, before another down swing kicks in again. We shall just have to see on that as the session further unfolds. The EUR/USD is currently trading at 1.0738