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EUR/USD sets daily and weekly close above 1.0900
The earlier rebound in the dollar on Friday took a turn for the worse by the US close. Earlier in the day I had noted the drop below 1.0830 in the EUR/USD was more about hunting out long stops below the previous day low than it was anything else. The rebound in the Euro that followed was partly a function of a recovery in the EUR/JPY. So, the EUR/USD finally made it above that 1.09 handle for the first time since August 31. The close on Friday, at 1.0915 was pretty much on the highs of the session too (1.0916) and from a technical perspective this was a positive daily and weekly close. What was also interesting, was the rebound in the EUR/USD took place against a backdrop of higher US yields, which does kind of underpin the EUR/JPY rebound being behind the move. Overnight the Euro has traded higher, reaching 1.0936 earlier. The next technical resistance level is now at 1.0960. The low seen so far today has been set at 1.0898. It is currently trading at 1.0918
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