EUR/USD pares losses on the day as dollar falls flat ahead of US trading

EUR/USD is back up to 1.0785, recovering from a low of 1.0727

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The dollar has given up its gains against the rest of the major currencies today, with EUR/USD climbing back up to 1.0785 near 1.0800 while cable is up to a high of 1.2360.

Once again, this alludes to choppy trading in the greenback which is similar to what we have seen for the most part over the past week.

Even against the commodities bloc, the dollar is now keeping weaker with AUD/USD rising to 0.6380 while USD/CAD is easing to 1.4040 ahead of US trading.

US futures are still keeping slightly more optimistic but Treasuries are still holding near flat levels on the session. For me, this isn’t enough to suggest a turnaround move against the dollar, but let’s see what US traders have to say later on in the session.

For EUR/USD, the risk for sellers is if price works its way back above 1.0800. That will see the recent downside momentum lose some steam after the good work over the past few days.