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EUR/USD is paring back gains in the European session, having failed to find acceptance above 1.2200 in the last hour. The major comes under fresh selling pressure, as the US dollar stages a bounce across the board amid a caution tone seen in the European stocks. The US dollar index recaptures 90.00, reversing a dip to 89.89. The main currency pair quickly fell to daily lows of 1.2172 before recovering to 1.2192, where it now wavers. Holiday-thinned market conditions could likely be the reasons behind the whipsaw.

The spot will continue to remain at the mercy of the US dollar price action and broader market sentiment ahead of the Fedspeak. From a near-term technical perspective, the spot turned south after facing rejection at 1.2204, the confluence of the 100 and 50-hourly moving averages (HMA).