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We are in a new trading month and the EURUSD is trying to bounce despite strong US data

ADP and claims not bad today ahead of the jobs report tomorrow.

The EURUSD has been trying to rebound on the 1st trading day of the new trading month. Yesterday on the last trading day of the month, the price of the EURUSD moved to a new month low for May before rebounding. That perhaps gave the dip buyers some encouragement today, but the pair still had trouble above its 100 hour moving average. The price has seen moves above the 100 hour moving average over the last 9 trading days, but with limited momentum. The higher - and moving lower - 200 hour moving average at 1.07373 has been elusive on rallies. In fact the price is not traded above that moving average since May 8.  Getting above both the 100 hour moving average and 200 hour moving average is required to give the buyers more confidence going forward.
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