The US dollar takes a backseat as traders await the Fed’s update at the Jackson Hole symposium tomorrow.
The pair is trading within a narrowing range between 0.9020 and 0.9240. This is a sign of momentary hesitation amid mixed data signals.
The greenback is testing again the 61.8% (0.9100) Fibonacci retracement level from the August rally.
A rebound will need to clear 0.9170 to attract more patient players. A bearish breakout towards 0.9020 on the other hand may invalidate the recent rally.
