The US dollar tumbles as traders take profit ahead of Wednesday’s FOMC minutes.
The break above the daily resistance at 0.9230 has led to an overextension. The RSI divergence at the supply area near 0.9260 was a warning that a retracement could be in the making.
The confirmation came in in the form of a fall below 0.9190. The sell-off has then gained momentum after 0.9140 failed to secure bids.
0.9160 is now a fresh resistance. The base of the previous breakout at 0.9080 would be the next target.
