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Yen strength helps EUR/USD edge above 1.1100
The noted fall in the USD/JPY has been the main driver helping the EUR/USD a little higher so far today. The EUR/USD failed to drive home a relative advantage on Friday and could not sustain a move back above the 1.11 handle. The Euro dropped back from a high at 1.1102, to a low at 1.1073 as the US markets drew to a close. The EUR/USD closed out the week at 1.1075. It has rebounded today though and that is all due to the further losses in the USD/JPY this morning. However, because of fresh downside in the EUR/JPY today, the EUR/USD has only reached a high so far at 1.1105. The next resistance level of note is at 1.1124, stemming from a downward sloping trend line coming off prior peaks at 1.1202 and 1.1155, reached last month. The EUR/USD is currently trading at 1.1100
Market News
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No sign of any rebound for the GBP/USD- Pound sets fresh session lows at 1.3060
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