The US dollar is recovering ahead of the Fed meeting next week. A rally above the double top at 9.1000 on the daily chart is a strong bullish sign. That said, its overextension has led to a correction.
Leveraged buyers came under pressure after successive breaks below 9.0800 and then 9.0100. The former now has turned into a resistance.
Meanwhile, an oversold RSI caused a rebound from 8.8600. A bullish breakout would test the key hurdle at 9.1900. Failing that, a deeper pullback could drive the pair towards 8.7000.
