EUR/USD still battling to avoid a new 2024 low but can it succeed?

Earlier today the EUR/USD came very close to setting a new 2024 low, when it fell to 1.0607. In the event the current 2024 low (1.0601) remained intact and it managed a rather tepid rebound to 1.0627. Well, as the afternoon rolls on, the Euro is edging back down again. To be honest with you it is quite something that it has not taken out 1.0601 already and perhaps that is testament to a degree of determination on the part of Euro bulls, who we know do not give up the fight easily. Of course there is likely to be some decent sized option interest around the 1.06 handle and that might be why it has not fallen below that level so far this week. As to whether or not it can remain that way is however an entirely different matter, because we know that significant rotation out of European stocks just continues to add more Euro supply onto the markets, and yet more real money demand for the dollar. The EUR/USD is currently trading at 1.0608