EUR/USD gets a helping hand from the USD/JPY today

The combination of some decent US data and slightly hawkish comments from a couple of Fed speakers helped the dollar to recover and sent stocks lower. The EUR/USD gave up on that 1.1139 support level it had managed to hold onto the day before. In fact, it had already breached that level earlier during the start of the European session following further weak PMI data out of Germany. However, it then seemed to recover that downside move towards 1.1125 and rebound back above 1.1150, but of course it could not hold it later in the day, when the aforementioned played out. So, the Euro dropped back to just below 1.1100 right on the 4pm London fix. The low seen was set at 1.1098. The Euro later lifted slightly, to close in the US at 1.1112. It has managed to edge higher this morning, thanks largely to the move lower in the USD/JPY today. The high seen so far has been set at 1.1129 and it is currently trading at 1.1123. So, all the while that 1.1139 level caps the topside again there will be doubts about further upside trajectory, but do not forget folks the big deal awaits this afternoon. That is Mr. Powell and whatever he has to say might detract from all the price action in the EUR/USD we have seen since this time yesterday morning. The EUR/USD is currently trading at 1.1123