Forex Trading: Some Short Covering In EUR/USD

There is a bid developing in the EURUSD this (Wednesday) morning.  The pair is up on the day.  A test ot the lows, after the early rise in the Tokyo session last night, was met with bottom fishing buying.  Putting things in perspective, the price remains below the high for the day at the 1.3017 level. The pair is down this week from a high of 1.3386 (Early on Sunday evening), but a further Wednesday correction cannot be ruled out.  Watch to see if the midpoint of the days range at the 1.2929 level can hold and some further momentum to the upside can be established (take out highs).

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