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EUR/USD holds tight range above 1.0530 so far this morning

Yesterday, eventually the EUR/USD forced its way above 1.0530 and that did deliver a slight extension in the price action, to just above 1.0550. The EUR/USD closed in the US at exactly that level. The high seen earlier this morning was set at 1.0551. The drop back since has seen it fall to 1.0534. So, as you can see that 1.0530 level was acting as short-term support. The latest German Factory orders data has just been released and it was better than forecast, with a gain of 3.9%. The markets were expecting a rise of 1.8%, set against a fall in July of -11.8%. The EUR/USD has been pretty unreactive to the news, but that is so often the case with this data. The EUR/USD is of course hostage later on to the US jobs report in terms of any dollar reaction to the data. That said, the 1.0530 is still capping the downside for the time being. The EUR/USD is currently trading at 1.0537
 

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