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EUR/USD sets first daily close above 1.11 since July 20

Yesterday the EUR/USD did not really back off much after the 4pm London fix. In fact it extended the rise into that event slightly after, reaching 1.1122. The modest dip into the later US close saw it slip briefly to 1.1099, before later posting its first close above 1.11 since July 20, when ending the session last night at 1.1105. Today, it has managed to just surpass that high seen yesterday, rising to 1.1123 so far. The next possible resistance level could be the July 27 high, at 1.1150. The dollar is under pressure and that is the main reason for the gains in the Euro and the broader gauge of that; the Dollar index will be looked at in an update later this morning. The EUR/USD is currently trading at 1.1121

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