The US dollar popped up after April’s core personal consumption expenditure rose by 3.1%.
The pair has bounced off 0.8930, a key support on the daily chart. Momentum above the psychological level of 0.9000 is a sign of strong conviction from the buy-side. A break above 0.9045 may reverse the bearish sentiment and open the door to the daily resistance at 0.9090.
As the RSI has overshot above 80, buyers might show caution in chasing after green candles. 0.8970 would be the first support in case of a pullback.
