• EUR/USD momentum has faded just above 1.1700, with spot slipping back into the mid-1.16s

• Near-term this looks like profit-taking, offering the dollar a modest reprieve rather than a trend reversal

• For the USD to signal a more durable bid, a hold above 99.40-45 would be needed

• This would mark a full unwind of the treasury buyback-led drop in the dollar

• Traders remain anchored to bond markets, with yields hovering near recent highs

• On the downside, initial EUR support sits at 1.1631 (200-day MA), then 1.1615

• For now, price action is consolidative after EUR's strong rally last week
EURUSD daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))