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EUR/USD dips back below 200 day moving average but level seems sticky

Earlier today, the next important resistance level on the EUR/USD was noted here and so was the fact, that subsequent to that update, the EUR/USD absolutely nailed it, reaching 1.0888. Well, since then the rise in US yields has stymied any further upside for the Euro and the dollar has come marching back into town. So, the EUR/USD has just now dipped back underneath its 200 day moving average (still at 1.0828). However, as I hope you can see, the price action around this level remains pretty sticky for the time being and that is not entirely surprising. Much could depend on the USD/JPY here and whether that can extend much more above 150.50. It seems to be making heavy weather of it right now and that is allowing the EUR/USD not to fall back by much. In fact it is just now edging a little higher, currently trading at 1.0831

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