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EUR/USD steps back from highs as US jobs loom closer
An earlier update noted how the EUR/USD might extend, if it took out the high seen yesterday, at 1.1341. Well, that is exactly what it did. The Euro reached 1.1355. It has backed away from that high now though. Naturally, the high in the EUR/USD matched a low in the dollar index (USDX) at 99.62. The next update here will be looking at the dollar index and the prospects for it this afternoon. Meantime, the EUR/USD has dropped back towards 1.1325 and currently trades pretty much where it was for a good while this morning before that move to 1.1355 unfolded. The truth is folks; this is entirely US data dependent now today, but we should also watch out for anything that might not be one-dimensional, when it comes to the immediate price action immediately as the jobs data hits the screens. You have been warned about that many times before. There will be more to add when we see what that data delivers. The EUR/USD is right now at 1.1338
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