The US dollar continues to bounce back on solid inflation data. The pair saw strong buying interest at the demand zone near 109.50.
The breakout above the resistance at 110.60 confirms the bullish MA cross and overturns the bearish mood. Momentum may rise as sellers would rush to cover their bets.
111.20 would be the next target as the reversal gains traction. A retreating RSI in the neutral zone may allow buyers to build positions. 110.20 has established itself as the closest support.
