EUR/USD holds onto move above 1.10

Yesterday, as expected the rise above the previous high at 1.1008 on the EUR/USD did eventually deliver some further upside. The move later extended to a high at 1.1047, following an initial attempt to push back after the US CPI data pretty much matched forecasts. The fact that it only lifted some 12 pips above the post-CPI report high was disappointing though. The EUR/USD later drifted back into the US close, but it stopped short of a relapse back underneath the 1.10 handle. The EUR/USD closed in the US at 1.1012. Perhaps one reason for the failure to press on above 1.1050 is due to that price point approaching the top end of a rising trend channel, that has been in the formation since the Euro based out at 1.0601 back in April. Beyond that, the prognosis looks reasonably positive and of course it is the outlook for a US rate cut in September now looking almost like a certainty that has gotten the Euro back above 1.10 in the first place. The range seen so far today has been covered by 1.1003 to 1.1016. It is currently trading right where it closed last night, at 1.1012