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EUR/USD rebound sets a technically positive close

The rebound above 1.0800 seen in the EUR/USD yesterday was all about the US dollar and not the Euro itself. That said, the weak US data yesterday afternoon provided the perfect conditions for the Euro bulls to take advantage of the price action and maintain the gains for the currency into the US close. The EUR/USD closed last night at 1.0836. That close was above both its 50 and 200 day moving averages (now at 1.0830 and 1.0834). It has extended the move a little more so far today. The high set a short while ago was at 1.0847. Perhaps it might have done better than that, but at the same time it is important to note the proximity of the US monthly jobs report tomorrow, which may yet come to rescue the US currency from further downside ahead of the weekend. At the same time it might not, but perhaps for that reason the EUR/USD is exercising some caution today. We shall see. The next potential resistance level is now at 1.0876 (100 day moving average).The EUR/USD is currently trading at 1.0844

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