EUR/USD still not cutting it above 1.10 and here is why

Much earlier today and update here noted how the fall below the 1.10 handle in the EUR/USD yesterday was not yet being followed by a rebound back above that level and it seemed unlikely to do so immediately either. Well, since then the EUR/USD has pushed up close to that 1.10 handle, but so far it has rejected a move above there. The fact that the USD/JPY has now fallen by around 175 pips from its earlier high, to its most recent low, has not helped the EUR/USD much either.That is entirely because of the corresponding fall back in the EUR/JPY holding back any rebound above 1.10 in the EUR/USD. That might change later after the University of Michigan consumer confidence index, but only if that data warrants a more widespread dollar decline. The high seen so far has been set at 1.0995. It is currently trading at 1.0992