EUR/USD touches 1.08 this morning

The slight downside momentum in the dollar so far this morning has helped the EUR/USD to finally take a look at the 1.08 handle and that is something it was not able to do all last week. The high seen earlier today was set at exactly 1.0800. The EUR/USD had closed on Friday at 1.0784. So, despite edging a little higher today, that gain is not exactly impressive and not yet of much consequence either. As already noted here today, the US CPI report tomorrow could be a game-changer for the Euro and the dollar tomorrow. It is also possible that a further squeeze on EUR/USD shorts might unfold ahead of that release and right now that is what the price action is suggesting. The next topside level of real note is now at 1.0832. That is where the 200 day moving average currently resides. The low seen earlier today was set at 1.0780. It is just now trading at 1.0792