EUR/USD holds 1.08 and avoids a technically negative close

Yesterday the EUR/USD felt the heat from the rebound in the dollar and that sent the Euro very close to the 1.08 handle. In the event that level held firm (1.0804 the low) and the EUR/USD managed to edge a bit higher into the US close, where it ended the session at 1.0836. That close was also back above the prior breakdown level, at 1.0828 and the 200 day moving average (then at 1.0820). It has held that modest rebound so far today, but at the same time it has not yet made much progress. The range seen ahead of the European opening has been covered by 1.0831 to 1.0847. The slight drop back in US treasury yields so far this morning seems to have pushed some flow back out of the dollar, following the rebound seen yesterday. The 200 day moving average is rising very slightly and in place this morning at 1.0821. The EUR/USD is currently trading at 1.0845