The US dollar consolidates gains as traders await the FOMC Minutes to confirm the tapering in November.
The pair has sunk into bearish territory after it broke the daily support at 1.1620. The latest rebound has been capped by the fresh supply area around 1.1585. As the RSI recovered into the neutral zone, short-term trend followers may continue to sell into strength.
The psychological level of 1.1500 would be the next target when the current consolidation ends. A deeper correction would drive price action to 1.1400.