EUR/USD holds 1.10 but will it advance further?

As noted here after the US ISM data really beat the street yesterday afternoon, the EUR/USD fell back towards the important 1.10 handle. In the event that level held firm, with 1.1008 being the low point of the move. The EUR/USD later edged higher into the US close, ending that session at 1.1031. Just as with the GBP/USD, noted in the previous update, the Euro has managed to edge a little higher so far today. However, as with that move in the Pound, the rise is far from impressive and far from conclusive and smacks of little more than a degree of squaring of long dollar positions ahead of the US monthly jobs report this afternoon. To this way of thinking the Euro is by no means out of the woods and could easily reverse the current modest recovery. In truth, nothing has changed from the reasons that caused the Euro to stall above 1.12 in the first place. The high seen in the EUR/USD so far today has been set at 1.1040. It is off that high just now though, currently trading at 1.1032