EUR/USD stalls above 1.06 again

Yesterday the EUR/USD managed to rebound pretty well from a sharp sell-off that saw it slide to a low at 1.0524. That fall was covered here at the time and it was all about an immediate panic led flight to the dollar on the back of breaking geopolitical headlines that were also reported here. Well, the rebound that followed saw the Euro later rise back above 1.06 (1.0608 the high), before later setting a US close at 1.0596. The range seen so far today has been covered by 1.0583 to 1.0610. So, as you can see, it just surpassed the high seen yesterday, but has since dropped back again. So, it remains to be seen, if there is enough gas in the tank for the EUR/USD to have another push on the topside. Right now that topside momentum is being hampered by a fall back in the EUR/GBP following the release of the UK inflation data. Perhaps, if the GBP/USD continues to press higher, that might help the EUR/USD to lift again (or perhaps not), provided the EUR/GBP does not fall much further. Even if it does push higher above 1.06, the reader is reminded of the key level higher up, at 1.0685 if further gains play out today. The EUR/USD is currently trading at 1.0587