The US dollar struggles to find buyers amid dovish FOMC minutes.
The pair has met stiff selling pressure near the psychological level of 111.00 from last March. An RSI divergence was an indication that the rally was already losing steam.
A breakout below 109.30 could trigger a deeper correction to the demand area between 108.40 and the 30-day moving average found on the daily chart.
A rebound will need to lift offers around 110.55 first before more buyers would commit their chips.
