The US dollar rose after the Fed minutes suggested tapering later this year.
The euro’s previous rebound had met stiff selling pressure at 1.1800. The slide below 1.1710 (a critical support from last March) is an indication that sellers still have control of the direction.
A temporary bounce while the RSI recovers to the neutrality area can be an opportunity to sell into strength.
The former support at 1.1740 has turned into a supply zone. Below 1.1700 renewed momentum may drive the pair to October’s low at 1.1600.
