• NY opened near 1.1715 after EUR/USD traded 1.1742-1.1695 in Asia and Europe

• The pair fell early as USD, US yields rallied after US April PPI

• 1.1698 traded but the pair bounced as stocks, silver gained & USD/CNH dropped

• EUR/USD neared 1.1720 then sat near 1.1705 late on late day USD buying

• Wider US-German spreads , gold's drop helped weigh on EUR/USD

• Techs lean bearish; RSIs are falling and EUR/USD traded below the 10- & 21-DMAs

• May monthly inverted hammer, contracting 15-mo Bolli bands are concerns for bulls
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)