EUR/USD grabs some traction with Fed expected to lower rates this evening

As reported on here yesterday, the EUR/USD did fall below the 1.0700 handle after the Trump election victory led to a surge in dollar buying. The low seen was set at 1.0683. However, the Euro managed to rebound and claim back some of its earlier losses into the US close. The EUR/USD closed in the US at 1.0729 and it has managed to build modestly on that close so far this morning. The high seen so far has just been set at 1.0750. Perhaps the looming prospect of a Fed rate cut this evening is helping the Euro to nurture the wounds inflicted upon it over the past 36 hours? Looking at the charts on this one, the current rebound looks corrective and not dynamic. However, it might extend, but that probably depends on whether or not there is more short-covering ahead of that Fed decision this evening. We do have some German data due out shortly, at 7am GMT- the latest industrial production data. We shall soon see it that has an impact. The EUR/USD is currently trading at 1.0746