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EUR/USD steps back from earlier high at 1.0524 ahead of US stock market opening
Much earlier today the EUR/USD was under further pressure and that was pressing it closer to the 1.0450 handle, after it had closed last night at 1.0467. In the event though, 1.0453 was the low point on the week so far and it has since recovered back above 1.05 once more. The high seen not too long ago was set at 1.0524. The reason for the rebound was twofold. First it was driven higher by price discovery in the EUR/JPY, as that advanced to just above 161.50. Second it was the same dynamic on EUR/GBP. That cross did drive above 0.8300 and hit the noted next technical level, at 0.8310. Both those crosses are now lower and as you can see; this has helped to send the EUR/USD back to exactly 1.0500 as this update concludes
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