The US dollar drifts lower as traders await the Fed minutes.
The greenback has met stiff selling pressure at March 2020’s high, at 111.70. A combination of profit-taking and fresh selling has pushed the pair down to the base of the latest rally (110.40).
Price is now at a crossroad as a bearish breakout may trigger a correction towards 109.80.
However, a near-oversold RSI may attract buyers in the demand zone. A rebound will need to clear the psychological level of 111.00 first before it could retest the previous high.