Previously the EUR/USD was pivotal around 1.05 and now there is more of the same around 1.04

Previously, as noted here many times, the EUR/USD was trading for several days around the 1.05 handle, but more recently that pivotal price action seems to have shifted around the 1.04 handle. Of course the hawkish cut from the Fed last week has seen to this shunt lower in the price action and helped to lift the dollar across the board since then. The noted wider range outlined here yesterday, at 1.0335 to 1.0450 looks thoroughly intact this morning after the Euro closed in the US last night at 1.0405. The range seen so far today has been covered by 1.0389 to 1.0410. So, as you can see, 1.04 is right in the middle of that right now. The push higher in US yields so far this week is keeping pressure on the Euro, but as usual it is very resilient at lower levels. Eventually, this wider range (1.0335-1.0450) will crack. However, for the time being the market is pretty quiet and dollar remains on the front foot. Hence, the downside is still very much in focus for the EUR/USD as the Christmas holidays loom. It is trading just now at 1.0398