EUR/USD still struggling for traction as it sets fresh session lows at 1.0875

At the start of the Asian session today the EUR/USD briefly topped the 1.09 handle. The Euro had closed on Friday at 1.0882. The rebound much earlier today was all about a modest fall in the dollar that came after the news of Joe Biden dropping out of the US presidential race. The price action in the EUR/USD since that earlier high has not exactly given a ringing endorsement that this news is necessarily dollar negative though. The EUR/USD has failed to make it back above 1.09 again since, despite a more positive outlook for the US equity markets so far today ands gains across European stocks too. The EUR/USD is in fact now falling to fresh session lows as it takes out and earlier now at around 1.0878. The move to 1.0875 looks like a few disappointed short-term Euro longs just chucked the towel into the ring. The EUR/USD is currently trading at 1.0878