The US dollar fell as the unemployment rate rose to 6.1% in April from a previous 5.8%.
The February 2018 low at 1.2250 has failed to contain the bearish mood. The market remains unidirectional to the south.
The RSI has dipped into the oversold territory and could trigger some short-covering from intraday players. Though selling into strength is likely to be the motto if the price climbs back towards 1.2280.
September 2017’s low at 1.2060 would be the next target when the sell-side doubles down.
