The US dollar recovered after the Fed cautioned that rates could go higher than expectations. The rally has come to a halt in May 2020’s consolidation area. A combination of profit-taking and fresh selling has weighed on short-term sentiment. A tentative break below the daily support 1.3500 has put the bulls under pressure. A bearish breakout would force them to bail out and trigger a deeper correction below 1.3300. 1.3750 is the first resistance and the bulls will need to clear 1.3850 before the uptrend could resume.
