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EUR/USD rebound turns to dust as dollar makes a comeback

Following on from the previous update, noting the slide in the GBP/USD, the EUR/USD has replicated that move. The EUR/USD rose to as high as 1.0737 ahead of the Fed monetary policy decision this evening. Well, it is not up there any more folks. I said earlier; that the rebound in the EUR/USD was mostly about a paring of long dollar positions heading into the Fed and now you can see those positions are now being put back in after the Fed raised its longer rate projections. That said the EUR/USD has not broken any fresh ground yet and has just managed to hold onto its earlier morning low, at 1.0673. It is touch and go though and I would not like to say it will remain that way. The EUR/USD has traded to as low as 1.0675 this evening. It is just now at 1.0684
 

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