• NY opened near 1.1685 after EUR/UD traded downward overnight, pair rallied early

• USD selling & softer US yields helped EUR/UD rally to 1.1716

• Sellers emerged however as USD, yields moved upward due to geopolitical risks

• Report that Iran's air defense systems were activated helped to sour risk sentiment

• Oil rallied on the reports and USD/CNH rallied back toward 6.8385

• Gold, silver and equities fell as investors sought out the USD and safety

• EUR/USD pierced the 55- & 200-DMAs as well as the 50% Fibo of the 1.1506-1.1849 rally

• An 8-session low of 1.1669 traded, USD then softened, EUR/UDS neared 1.1695 late

• The pair trade down only -0.10% late in the session
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)