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EUR/USD rebound above 1.06 proves short-lived

Last week, the EUR/USD did manage to rebound back above 1.06, after a drop to below 1.05 has been seen, when stops were tripped below 1.0516. The rebound from a low at 1.0488 took to back to as high as 1.0616 on Friday. However, that rebound was of course not sustained and looked almost entirely based on long dollar profit-taking ahead of the quarter end. So, the EUR/USD dropped back again yesterday and later closed in the US at 1.0477. In truth it is hard to arrive at any positives from that relapse right now. The move lower in the EUR/USD again so far today has much to do with the push above 107 in the USD index (USDX), but more about that later on. Meantime, the EUR/USD has traded to as low as 1.0460 this morning, but it is trying to edge a little higher now. First resistance is at 1.0516 and on the downside supports are not much in evidence right now to be honest. The EUR/USD is just now trading at 1.0470

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