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EUR/USD still holding below 1.0743 technical level this morning

The rebound in the US dollar yesterday afternoon came after the latest US GDP report delivered a significant gain in the GDP and PCE price indexes and that clearly outweighed the impact of the lower than forecast Q1 growth rate. That was at just 1.6%, where the market had expected a rise of 2.4%. However, the rise in US yields that stemmed from the PCE data helped to push the dollar higher. The EUR/USD did initially spike higher on the US GDP data, but it then fell back, from a high at 1.0740, to a low at 1.0678. However, it did not stay down there for very long and the Euro subsequently rebounded into the US close, where it later ended the session at 1.0730. That rebound was helped by the surge in US stock futures after the closing bell. That said it has still not taken out the noted next resistance level, at 1.0743. It might do that today, but that is far from certain at this stage. The range seen so far today has been covered by 1.0719 to 1.0731. The EUR/USD is currently trading at 1.0725

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