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EUR/USD Attempts to Rebound

The US dollar retreats as traders take profits over a crowded trade. The RSI’s oversold situation on the daily chart shows exhaustion past parity and the dollar could use some breathing room. As the bias remains down traders may look for a higher sell point. A bullish RSI divergence suggests a slowdown in the sell-off momentum and a rise above 0.9700 has prompted more sellers to cover. 0.9810 is the next resistance and short-term sentiment would not improve unless 1.0050 is broken. 0.9540 has become the closest support.

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