The prospect of the Fed to maintain the low rate course continues to drive the US dollar lower.
On the daily chart, the pair has come under pressure at the psychological level of 111.00 while the RSI made a double top in the overbought area. The sell-off is heading towards the first major support at 108.40.
On an hourly chart, the RSI’s triple dip into the oversold territory could lead to a temporary rebound. 109.60 is the hurdle on the upside where intraday traders may look to sell into strength.
