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EUR/USD holding tight range so far today

Yesterday following the release of the much better than forecast US JOLTS job openings data, the dollar surged and the EUR/USD hit its lowest level since December 2022. The low seen after that data was set at 1.0449. However, the slide in the USD/JPY from above 150 saved the EUR/USD from further downside, but despite the almost 300 pip fall in the USD/JPY, the EUR/USD was unable to reclaim levels above the 1.05 handle. The Euro later closed in the US at 1.0467. The range seen so far today has not broken any fresh ground yet, with 1.0457 to 1.0476 covering it as I write. If you look at a weekly candle chart of the EUR/USD, you will see the price action has been defined by an 11 week run of consecutive lower closes. We are now on course for a twelfth and that is unusual to be honest. At the same time that does give you a very good indication of the rebound in the dollar over the past 3 months. So, will the Euro snap this trend, if even just for a corrective rebound? It might, but then again it will need something more tangible to deliver it on any kind of sustained basis. The EUR/USD is just now trading at 1.0470
 

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