EUR/USD sets a new 2024 low but yet to extend on the downside

Yesterday the EUR/USD did eventually fall below the 1.06 handle and in the process set a new 2024 low underneath 1.0601. However, the move lower only reached 1.0595 and it lifted into the US close, ending that session at 1.0623. That said it has not really made much in the way of progress. Now, if you look at the price action across the US stock markets into the close, it is easy to explain why the Euro did not extend the move below 1.06 and why it rebounded. At the same time, that rebound is not substantive. However, the US CPI data due later today (1.30pm GMT) could hold a short-term key, as to whether it becomes so, or not. The range seen so far today has been covered by 1.0610 to 1.0629. The EUR/USD is currently trading at 1.0614