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EUR/USD rebound stalls short of resistance at 1.0673

Earlier this morning the EUR/USD managed to move higher from its earlier session low at 1.0617. The high seen so far has been set at 1.0665 and that is short of what should now be resistance at 1.0673. There is little doubt here; that much of the move to that earlier high was based on Euro cross demand, versus the CHF and the GBP and not about the dollar directly. In that sense it was a move higher against the dollar by default, for want of a better word. In any case, it has so far stopped short of 1.0673 and just now turning back down slightly. So, does that mean the modus operandi for the rest of the day is to sell rallies in the EUR/USD? Well, it could be and given all that has transpired since this time yesterday, that would not come as a surprise. The EUR/USD is just now trading at 1.0656
 

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