EUR/USD pares gains, falls back below 1.1000

The euro slips on the day as choppy risk-off conditions continue


Price ran up to a high of 1.1053 earlier today before falling off near resistance from the 100-day MA (red line).

The market is still in a risk-off mood but conditions are rather choppy as we see Treasury yields even climb back up to 1.216% now from lows of 1.154% earlier in the session.

For the euro, it has been a tricky couple of days in figuring out the move higher and the sudden move lower today. But as mentioned earlier, the key resistance points at the 100-day MA and the 200-day MA (blue line) are the real tests for the pair in trying to break higher.

From a technical perspective, the first hurdle has failed to be broken. Let’s see if buyers can retain the conviction to keep another move above 1.1000 to try and contest that level again ahead of the weekend.