What really sank the EUR/USD on Friday but what about today?

The initial reaction to the US jobs data on Friday saw an immediate knee-jerk reaction lower in the EUR/USD. However, as reported at the time, the Euro soon rebounded and that rebound then extended to fresh session highs. The EUR/USD seemed to reflect the fact that the US jobs report, was not actually that hot, when revisions were taken into account. So, the EUR/USD rose to 1.1381 and at that point looked like it could advance further. Well, that was not the case. The EUR/USD then fell back into the US close, hitting a low at 1.1293 before closing the week at 1.1297. What really sank the Euro into the close on Friday was a further rebound in US yields. At one point the 10 year yield rose by 0.13% from the lows ahead of the close. Overnight and this morning the Euro has rebounded though and that rebound has seen it reach 1.1347 so far. That comes as US yields remain elevated and seems centred on the relapse in the US stock futures. That has helped the USD/JPY fall back, which in turn has allowed the EUR/USD to rise. It seems that 1.1293 and 1.1381 are the lines of demarcation today and the US ISM report might decide if we get a break either side of that range, assuming it does not happen beforehand. The EUR/USD is right now at 1.1330