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EUR/USD holds 1.08 again and edges higher today
Yesterday updates here noted how the EUR/USD had held the lows seen on Friday, when it had rejected a move below 1.0800. The low seen then was at 1.0802 and the low seen yesterday was also at 1.0802. So, despite setting a daily and weekly close below its 200 day moving average (then at 1.0839), the Euro did not extend its downside move. So, it set in place an interim double bottom on the daily charts at 1.0802. It closed yesterday in the US at 1.0837, which was of course once again below that 200 day moving average. That moving average is in place this morning at 1.0838. However, the EUR/USD has edged higher so far today though. The price has just nudged above 1.0850 and once again it seems that the failure to extend on the downside coupled with gains in the EUR/JPY has been a driver for that move so far today. The EUR/USD is currently trading at 1.0851
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