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EUR/USD steady inside persistent range

On Friday the EUR/USD initially reacted positively to the lower than expected US PPI data. That saw the Euro lift from below 1.0940, to around 1.0985. However, it was not able to sustain the rise and slipped back into the 4pm London fix. The EUR/USD later closed the week at 1.0951. It has held its ground so far today, buoyed by gains in the EUR/JPY, as noted a little earlier. The range has been tight though, as one might expect with the US markets closed later today. So, it has been covered by 1.0941 to 1.0968. Looking at the charts since Thursday, we have a series of slightly higher lows, but that will be snapped, if the EUR/USD falls below 1.0935 at any point today. Beyond that, the EUR/USD is still inside the broader 1.09-1.10 range outlined here earlier last week, before the latest US CPI report surprised to the upside. The EUR/USD is currently trading at 1.0957
 

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