The market’s expectation of further falls in US Treasury yields keeps sending the greenback lower.
The pair’s successive breakouts below the daily moving averages and the critical support at 108.40 have triggered a new round of sell-off.
There is a chance of a rebound as traders take profit after the RSI went deeply into the oversold territory. Bears are likely to sell into strength in the supply zone around 108.90.
On the downside, 107.80 would be the next target as a continuation of the bearish momentum.
