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EUR/USD rebound yet to convince

The rebound in the EUR/USD from yesterday has seen the currency rise to a high today at 1.0771. That high is still short of the 50 day moving average (in place right now at 1.0779) and also still shy of its 200 day moving average that it busted below yesterday. That is still in place this morning at 1.0789. The move higher in the Euro still looks corrective and of course the dollar has lost a little ground ahead of the Fed policy decision tomorrow evening. So, in essence we appear to have some profit-taking on short Euro trades ahead of that event. Beyond that the Euro is still very much suffering the fallout from the EU weekend election results and of course the much better than expected US jobs report. The EUR/USD is currently trading at 1.0768

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