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As suspected the EUR/USD rebound hits the wall again
Yesterday afternoon, as the EUR/USD jumped back above 1.0450, an update here noted how it was only a question of where, not if sellers would jump back in to sell the Euro. Well, that is what happened and the Euro dropped back towards the 1.0400 handle after peaking earlier at 1.0467. The later report on potential Mexican and Canadian tariffs noted in the previous update sent the EUR/USD down to a new low on the day, at 1.0386. It later set a US close at 1.0391. Earlier this morning the EUR/USD fell below the prior interim low at 1.0383, probably removing some stops in the process. The low seen earlier this morning was set at 1.0378. Perhaps a degree of trepidation over what the US PCE data might have in store later today explains the lack of follow-though on the downside so far. The high seen so far today has been set at 1.0402. The EUR/USD is right now at 1.0388
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