• EUR/USD rallied above the 21-DMA overnight, hit a 5-session high of 1.1461

• General selling of USD and USD/CNH's drop helped prop up EUR/USD

• The pair then began giving back some of the overnight gains as USD firmed up

• US yield gains & drops in gold, silver contributed to the USD recovering

• EUR/USD fell below the 21-DMA, sat near 1.1435 in early NY, was up only +0.03%

• A daily inverted hammer candle formed which could be a concern for bulls

• EUR/USD trading in a rising channel on daily charts may also be worry bulls
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(Christopher Romano is a Reuters market analyst. The views expressed are his own)