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No rebound for the EUR/USD as ECB awaits

Yesterday, as covered here in a number of updates, the charge in the US dollar dealt the Euro a poor hand and the slide below 1.0833 (200 day moving average) extended more than 100 points to the downside. The low seen after the US CPI data was set at 1.0729. The EUR/USD later closed in the US at 1.0743 and it not far off that level this morning. The EUR/USD is seemingly holding fire on further downside ahead of the ECB policy decision this morning. At this stage, it is worth noting the current 2024 low, which has been mentioned here before, is once again not far off, at 1.0695. It looks like the ECB is going to need to offer something very hawkish in order to avoid a test of that level today. That remains an open prospect of course and there will be more to add on that later this morning. The range seen so far has been tight and with now material rebound either. The Euro is close to session lows right now too, currently trading at 1.0737 
 

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